试析上海建立全球离岸人民币中心

Core Viewpoint - Shanghai is poised to establish itself as a global offshore RMB center, supported by its financial infrastructure, policy backing, and market development, although challenges remain in international recognition and product offerings [1][2][3]. Group 1: Conditions for Establishing Offshore RMB Center - Shanghai is the only international financial center in China outside of Hong Kong, with 1,782 licensed financial institutions, one-third of which are foreign [2]. - The city ranks first in national cargo throughput and cross-border trade volume, hosting the highest number of multinational company headquarters in China [2]. - Shanghai's financial market transaction volume is projected to reach 36.503 trillion yuan in 2024, placing it among the top globally [2]. - The city has established a robust cross-border payment system (CIPS) and maintains close cooperation with financial institutions in Hong Kong and Singapore [2]. Group 2: Policy Support - The central government has prioritized the development of Shanghai's offshore RMB market, issuing supportive policies since 2021 [3]. - Recent initiatives include the "Action Plan for Further Enhancing Cross-Border Financial Services" aimed at promoting RMB's cross-border use [3]. Group 3: Market Development Achievements - In 2024, Shanghai accounted for 47% of the national cross-border RMB settlement volume [4]. - The offshore bond issuance has exceeded 1 trillion USD, with innovative products like free trade offshore bonds [4]. - The "Shanghai-Hong Kong Stock Connect" and "Shanghai-London Stock Connect" have facilitated direct RMB investments in domestic stock markets [4]. - The number of FT accounts in Shanghai has surpassed 170,000, with balances in the trillion yuan range [4]. Group 4: Current Challenges in Offshore RMB Market - The international recognition and acceptance of RMB remain limited, with only 29.3% of cross-border payments in RMB from January to August 2024 [5]. - There is a lack of sufficient cross-border RMB financial products and services, particularly in hedging tools and long-term products [6]. - The absence of a mature RMB internationalization repatriation mechanism hampers the smooth return of RMB used internationally [7]. - Regulatory constraints and insufficient market-driven interest rate mechanisms limit the growth of the offshore RMB market [8]. Group 5: Recommendations for Developing Offshore RMB Center - Explore the establishment of an "offshore economic function zone" in Shanghai, with a legal framework that aligns with international standards [10]. - Leverage Shanghai's financial market advantages to develop offshore insurance, bonds, and other financial services [11]. - Enhance RMB repatriation channels and hedging tools to facilitate cross-border transactions [12]. - Implement policies to allow offshore RMB to be used as the primary currency in offshore banking operations [13]. - Strengthen infrastructure for RMB transactions, including payment systems and trading platforms [14]. - Optimize legal and tax frameworks to improve the global competitiveness of offshore RMB [15]. - Transition foreign exchange policies towards a more open platform-based approach to enhance RMB asset trading [16].