| Abstract: | 人民幣國際化是推動人民幣成為全球重要通用貨幣的動態發展過程，當此過程發展到一定程度時，將必須降低各國進入大陸的門檻或超越國家界線的限制，在金融市場的角度，人民幣國際化就是在離岸金融市場的建構與發展。
離岸金融為經濟全球化發展的產物，離岸金融市場將國內金融市場與傳統的國際金融市場結合，提供一個資訊溝通更迅速、交易更自由及交易成本更低的市場環境。大陸自2009年開始大力推進人民幣國際化以來，香港、新加坡、倫敦、多倫多相繼加入促進人民幣離岸交易的行列，2016年5月美國金融機構參與人民幣計價產品的發行也意味著美國開始參與成為人民幣離岸中心的競爭。
近年來，大陸在經濟高速成長的帶動下，經濟實力已居全球第二位，大陸不斷嘗試開放及推動各種離岸人民幣債券、離岸人民幣衍生性商品以及促進離岸人民幣的流通、擴大人民幣自由兌換，推動人民幣在各產業的貿易與投資的計價與結算功能，加快人民幣成為國際貨幣的進程。大陸政府已經充分理解離岸金融市場建設對於經濟發展的重要意義，但由於大陸離岸業務的發展時間較短，在發展過程中仍存在很多問題，因此，對人民幣離岸金融市場的運作及法律問題進行研究，對臺灣成為人民幣離岸金融中心具有十分積極的意義。
面對人民幣國際化浪潮，臺灣為因應ECFA之後兩岸金融發展及2012年8月31日簽署之《兩岸貨幣清算協議》，行政院雖於2012年9月6日核定《發展具兩岸特色之金融業務計畫》，全面啟動10項執行項目，希望從外匯、銀行、資本及保險市場等面向，協助金融業者發揮其兩岸互設據點之特色，有效結合中國大陸台商經貿業務，拓展兩岸金融市場發展之經營利基，然而近期成績卻未見成效。因此，分析臺灣發展人民幣離岸中心之法律問題與風險，對提升臺灣在人民幣離岸中心發展的全球排名和監管亦極具正面意義。
本文分析大陸的人民幣離岸中心現況與問題後，建議其在發展人民幣離岸資本市場時應注意在岸與離岸市場間的配合，重新建置離岸市場的法律法規及監管架構、加速匯率制度改革並發展國際監管模式，進而更迅速穩健的開放資本市場。在臺灣發展人民幣離岸中心的部分則建議應改良現有三大金融產業的監管架構並積極爭取人民幣合格境外機構投資者(RQFII)回流管道與簽署兩岸貨幣互換協議，達成在放寬離岸中心規範的同時防範國際洗錢與金融犯罪以穩步發展臺灣的人民幣離岸中心，在全球佔有一席之地。
Renminbi (RMB), has increasingly made its presence felt in global foreign exchange markets as China continues its efforts to internationalize its currency. Efforts to internationalize the RMB have continued apace, ranging from new RMB clearing arrangements around the world to the opening of the offshore financial market without national boundaries.
The Offshore Financial Centres (OFCs) are an integral part of globalisation to connect the domesic and international financial markets. They facilitate growing mobility of finance by facilitating no/low tax, no/low regulation, secrecy and anonymity to enable footloose capital to roam the world. Over the past 7 years, some financial centres, such as Hong Kong, Singapore and to an extent London and Toronto, were already established as offshore RMB centres. In May 2016, financial products allow borrowers to issue RMB-denominated securities in the US for trading and settlement purposes have launched which presents a significant milestone in serving to meet the growing demands among investors in the United States and around the world to have access to the RMB.
China is the world`s second-biggest consumer economy, the success of an offshore RMB market cannot do without an efficient and effective payment and settlement platform. Therefore, under the plan by the China government, the system processes RMB payments and settlements involving remittances and funds transfers, both onshore and offshore, has increased the efficiency of processing RMB flows, push up RMB-related business volume, and promote a wider variety of RMB products and services to fasten the internalization of RMB. Offshore RMB centres have exerted significant influence on not only the progress of RMB internationalization but also the China economy. Its overall impact on the monetary system’s stability and will depend on how the offshore RMB centres are operated with appropriately complying with the laws and regulations. Therefore, to study on these topics are meaningful for TW to develop its offshore RMB centre.
To participate the economy growth of the internalization of RMB, on August 31 2012, Taiwan and China signed an MOU on Cross-Strait Currency Clearing Cooperation. After the MOU was inked, in order to assist Taiwan`s financial institutions to develop branches on the Chinese mainland, integrate Taiwanese businesses` trade and financial operations, expand Taiwanese financial institutions` operational niche in the mainland financial market, strengthen Taiwan`s trade and economic status, augment its competitive advantages in the financial sector and create higher industrial value, the Executive Yuan approved a program to develop financial operations with cross-strait characteristics on September 6 2012. However, the numbers recently didn’t show significant growth, it is then meaningful to analyze the issues and risks when developing the offshore RMB center in Taiwan and better enhancing its governance and ranking in the global financial markets.
This study would conclude and suggest China to focus on RMB flows between onshore and offshore markets when deregulating the offshore RMB capital market. To build up the laws, regulations and governance for the offshore RMB centres when expanding further with greater prominence of the capital market. In terms of the suggestions to develop the offshore RMB center in TW, it’s important to strive for RQFII, currency SWAP agreement and governance structure in order to both deregulate the offshore center business and prevent the money laundering and financial crime. |
