The Liberalization of Financial Account and the Internationalization of the Renminbi: The Case of Shanghai - Hong Kong Stock Connect

2008年發生全球金融危機，造成各國經濟大幅衰退。中國大陸於2009年開始積極推動人民幣國際化，希望降低對外貿易與跨境資本流動對美元的依賴程度。中國大陸雖有龐大的境外人民幣資金池，但由於欠缺人民幣回流管道，因而人民幣資金至今仍無法雙向流動。因此，中國大陸於2014年11月17日推動滬港通試點，建立滬港股票交易互聯互通機制，試行中國大陸金融帳開放成效，以作為日後擴大試點開放政策的參考。 本研究結果發現，經由滬港通試點試辦，改革中國大陸資本市場，可避免對中國大陸金融市場造成重大影響，實現人民幣跨境計價及結算功能，並建構良好的人民幣回流機制。The world economy declines substantially, influenced by the global financial crisis in 2008. In order to reduce the dependence of cross-border fund flows and foreign trades on the US dollar, the mainland China reinforces its efforts in promoting the Renminbi (RMB) internationalization in 2009. But, due to the capital control, the free fund flows of the RMB are not feasible even if there is a massive RMB pool worldwide. In order for the liberalization of financial account, the mainland China built Shanghai - Hong Kong Stock Connect on November 17, 2014, as a reference of further expansion of the offshore use of the RMB in the future. This study shows that, reforms on China’s domestic capital market are crucial to avoid the significant impact of Shanghai - Hong Kong Stock Connect, as the openness of capital account, on the domestic financial markets. The financial reforms can also improve the cross-border settlement functions of the RMB to increase RMB denomination in trades, and reinforce the freer flows of the RMB