离岸金融与人民币国际化：局部突破带动整体跃升

Core Viewpoint - The relationship between RMB internationalization and offshore finance is mutually reinforcing, but the strength of the two-way effect is asymmetrical, primarily reflecting offshore finance's role in promoting RMB internationalization through a "local breakthrough driving overall leap" model [1][5]. Group 1: Offshore Finance and RMB Internationalization - The development of offshore finance is crucial for expanding non-resident RMB transactions, which is a key aspect of RMB internationalization [2]. - The relationship between RMB internationalization and offshore finance is not merely reciprocal but resembles a "local breakthrough driving overall leap" model, where a prosperous offshore RMB market provides a solid foundation for broader global usage of RMB [2][5]. - The international use of RMB is a significant indicator of its internationalization, primarily encompassing cross-border finance and offshore finance [5]. Group 2: Transaction Types and Financial Systems - Transactions involving non-residents can be categorized into two types: non-resident to non-resident (offshore RMB transactions) and non-resident to resident (cross-border RMB payments) [3]. - The normal operation of these transaction types is supported by different financial systems: onshore finance, cross-border finance, and offshore finance [3]. Group 3: Development Trends - While cross-border RMB payments have seen significant growth, the development of offshore RMB finance has been relatively slow, with the focus shifting towards both domestic and international aspects [6][7]. - The offshore RMB index has shown substantial growth, increasing from 0.32 in Q4 2011 to 2.1 in Q2 2024, reflecting a 556.25% increase, although this growth may not align with the economic scale of China [8]. Group 4: International Payment Coverage - A currency's international payment coverage ratio indicates its global payment share relative to the country's GDP share, with RMB's coverage ratio at 0.25, suggesting a mismatch between its international payment level and China's economic status [9]. - Compared to other major currencies, RMB's international payment share remains low, indicating that offshore RMB transactions are underdeveloped relative to China's economic size [9]. Group 5: Mechanisms of Offshore Finance in Promoting RMB Internationalization - The offshore RMB market serves as a "liquidity reservoir" for RMB internationalization, requiring the establishment of RMB liquidity centers to meet global demand for RMB services [11]. - The offshore RMB market acts as a "testing ground" for RMB pricing power, helping to stabilize the currency's use and mitigate financial risks associated with significant deviations between onshore and offshore pricing [11]. - The offshore RMB market provides investment and financing channels, facilitating RMB's role as a capital vehicle for global investment opportunities [12].