Offshore financial markets are outside the RMB market in China, mainly deal with China's offshore RMB deposit and loan business. Currently, a large number of renminbi circulating in our surrounding areas, some countries will incorporate it into renminbi foreign exchange reserves, and some bilateral trade in RMB clearing tool. RMB internationalization growing influence and promote the internationalization of RMB is not only a result of the economy, but also the economic development of the internal requirements. RMB internationalization of the RMB offshore market is an important step, but also a free-trading center.
This paper studies the offshore RMB market for offshore renminbi exchange rate. An offshore RMB market development status in 1989 China began to allow some banks to develop offshore banking, China Merchants Bank, Guangdong Development Bank has approved four major banks such as the Office to conduct offshore banking business. Look at this stage from the customer structure still concentrated in Hong Kong and other regions, but the trend is clearly diffusion [3]. Meanwhile, in order to promote the internationalization of RMB, China gradually promote the establishment and development of the offshore market. August 2011, the central government expressed support for the development of Hong Kong as an offshore RMB business center, actively support the development of the RMB market in Hong Kong, Hong Kong and the Mainland to expand distribution channels circulation of RMB funds to support Hong Kong's offshore RMB financial product innovation and development.
Thus, Hong Kong became the first offshore RMB market is located. [4] in 2012, cross-border trade RMB settlement to maintain rapid growth, the bank accumulated cross-border trade RMB settlement business 2.94 trillion yuan, an increase of 41%, of which the amount of goods 2.06 trillion yuan trade settlement, trade in services and other current settlement amount 876.45 billion yuan. Annual cross-border trade RMB settlement paid 1.3 trillion yuan, 1.57 trillion yuan actually paid, the net outflow of 269.17 billion yuan, cash ratio from 1:1.7 in 2011 rose to 1:1.2. 2012 total for RMB cross-bank border direct investment 284.02 billion yuan settlement business, including foreign direct investment settlement amount 30.44 billion yuan, foreign direct investment settlement amount 253.58 billion yuan. As of the end of 2012, domestic agent bank for the total overseas participating banks to open RMB interbank current account 1592, account balance 285.2 billion yuan; total foreign enterprises in China to open RMB settlement account 6197, account balance 50,020,000,000 yuan. From the above data we can see the rapid development of the offshore renminbi market. Second, the offshore RMB market impact of the RMB exchange rate in the onshore market, the implementation of China's current market supply and demand with reference to a basket of currencies, a managed floating exchange rate system. These include three aspects: First, market-based exchange rate fluctuations, exchange rate price signals play a role; second is based on current trade balance is mainly exchange rate floating range of dynamic regulation play "managed" advantage; Third, the reference to a basket of currencies, that is, from the perspective of a basket of currencies exchange rate, rather than the one-sided focus yuan with a single currency, bilateral exchange rates. At present, China People's Bank of China authorized by China Foreign Exchange Trade Center on every trading day, the Renminbi against the U.S. dollar, euro, yen, Hong Kong dollar, British pound, Australian dollar, Canadian dollar, ringgit, the Russian ruble in the interbank foreign exchange market, the RMB exchange rate . Among them, the floating range of RMB against the U.S. dollar in May 2007, respectively, from 0.3% to 0.5% in April 2012 to expand from 0.5% to 1%, the RMB offshore market fluctuations in the range gradually expanded gradually increased degree of market .
(A) the offshore renminbi exchange rate analysis of the determinants of the demand for offshore renminbi demand function is a special function. Let P be the base currency is the Renminbi, the international reserve currency is quoted foreign currency exchange rate, P is expressed in the same way within the exchange price, D is an offshore renminbi demand offshore renminbi demand function Df (P) is not only subject to P> 0 of constraints, and because there is "control difference", but also by P> p of constraints. This means that P <p or P = p case, there is no demand for offshore RMB. At P> P conditions, offshore renminbi exchange rate is higher, the demand for offshore RMB smaller. In the vertical axis represents the foreign exchange rate, the horizontal axis represents the number of offshore renminbi coordinates, the offshore renminbi demand curve is a "broken the demand curve that slopes downward from left to PP when they interrupted in Figure 6 - 8 curve D in Fig. offshore renminbi supply function S = f (P) is a common supply function. offshore renminbi exchange rate is higher, for the supply of offshore renminbi greater. offshore renminbi supply curve is a from the left to the right tilt of the curve, the curve S in Figure 3-1 below. since offshore renminbi exchange rate exist "controls the difference", the foreign exchange rate changes will be subject to the impact of changes in RMB exchange rate in effect offshore renminbi supply and demand factors in the same conditions, if the territory of the RMB exchange rate, and foreign exchange rates will rise; Conversely, an offshore renminbi's exchange rate will fall. Moreover, in the territory of the RMB exchange rate under the same conditions, if the effect offshore renminbi supply and demand factors change, offshore RMB exchange rate will also change. (two) offshore RMB exchange rate formation present, along with the development of the offshore RMB market, the RMB exchange rate formation mechanism of the market according to the current market expectations, enhance the credibility of the central parity, and expand the floating range of transaction prices, the central bank to reduce foreign exchange control is the future of the RMB exchange rate market-oriented key measures.
离岸金融市场是人民币在中国市场以外，主要是处理与中国的离岸人民币存款和贷款业务。目前，大量的人民币流通在我们的周边地区，一些国家将其合并成人民币的外汇储备，以及一些双边的贸易人民币结算工具。人民币的国际影响力越来越大，促进人民币国际化不仅是经济的一个结果，但也是经济发展的内在要求。人民币离岸市场是人民币国际化的重要一步，但也是一个自由贸易中心。
本文研究了离岸人民币市场，离岸人民币汇率。离岸人民币市场的发展状况在1989年，中国开始允许一些银行发展离岸银行，招商银行，广东发展银行已批准四大银行经营离岸银行业务厅等。看在这个阶段，从客户结构仍集中在香港及其他地区，但扩散趋势明显[3]。同时，为了促进人民币国际化，中国逐步推动离岸市场的建立和发展。 2011年8月，中央政府表示支持为发展香港的离岸人民币业务中心，积极支持在香港香港，香港和内地的人民币市场的发展，以扩大分销渠道流通的人民币资金支持香港的离岸人民币金融产品创新和开发。
因此，香港成为首个离岸人民币市场位于。 [4]在2012年，跨境贸易人民币结算业务保持快速增长，银行累计跨境贸易人民币结算业务29400亿元，同比增长41％，其中商品金额20600亿元贸易结算，贸易服务及其他流动结算金额876.45亿元。全年跨境贸易人民币结算支付了1.3万亿元，15700亿元实际支付，净流出269.17亿元人民币，现金比率从2011年1:1.7上升到1:1.2。 2012年总额为人民币跨行跨国直接投资284.02亿人民币结算业务，包括外国直接投资结算金额30.44十亿人民币，外商直接投资结算金额253.58亿元。结束的2012年，境内代理银行为境外参加银行开立人民币同业往来账户1592年，账户余额285.2十亿人民币，外国企业在中国共开立人民币结算账户6197，账户余额500.2亿元。从上面的数据我们可以看到离岸人民币市场的快速发展。其次，离岸人民币市场的人民币汇率的影响在岸市场，中国目前的市场供给和需求，参考一篮子货币进行调节，有管理的浮动汇率制度的实施。这包括三个方面：首先，以市场为基础的汇率波动，汇率的价格信号发挥作用，二是基于当前的贸易平衡主要是汇率浮动区间，动态调节发挥“管理”的优势;三，参考一篮子货币，即从一篮子货币的汇率，而不是片面关注人民币与单一货币的双边汇率的角度来看。目前，中国的中国人民银行授权中国外汇交易中心于每个交易日，人民币兑美元，欧元，日元，港币，英镑，澳元，加元，林吉特，俄罗斯卢布在银行间外汇市场人民币汇率。其中，2007年5月人民币兑美元浮动区间，从0.3％至0.5％，在2012年4月扩大0.5％至1％，人民币离岸市场的波动范围在逐渐扩大，逐渐增加程度市场。
（一）离岸人民币汇率的决定因素分析，离岸人民币的需求，需求函数是一个特殊的函数。让P是基础货币为人民币，国际储备货币的外汇汇率报价，P是表示以同样的方式交换价内，D是离岸人民币需求的离岸人民币需求函数DF（P）不仅是P> 0的约束，因为有“控制差”，还由P> p的约束条件。这意味着，P <p或P = P的情况下，也没有离岸人民币的需求。在P> P条件下，离岸人民币汇率走高，离岸人民币的需求较小。在垂直轴上表示的外币汇率，横轴表示离岸人民币坐标的数量，离岸人民币需求曲线是破碎的需求曲线向下倾斜时，中断在图6中由左到PP - 8曲线D图离岸人民币供给函数S = F（P）是一种常见的电源功能。离岸人民币汇率升值，为人民币离岸更大的供应。离岸人民币供给曲线是一条从左边向右倾斜的曲线下面的图3-1曲线S以来离岸人民币汇率存在“控制”，外币汇率变动将是受人民币汇率变动的影响离岸人民币的供给和需求因素的影响相同条件下，如果境内的人民币交换率，和外汇汇率上升;相反，一个离岸人民币的汇率将下跌。此外，在境内人民币汇率在相同条件下，如果的影响离岸人民币供应和需求因素的变化，离岸人民币汇率也将发生变化。（二）境外人民币汇率形成目前，随着离岸人民币市场的发展，人民币汇率形成机制的市场，根据目前市场预期，增强中间价的公信力，并扩大交易价格的浮动区间，央行减少外汇管制是未来人民币汇率以市场为导向的关键措施。
