Analysis of the Influence Factors of Hong Kong RMB Offshore Market on Speculative Capital Flows in China

摘要

Based on the RMB offshore market in Hong Kong, this paper selects the quarterly data from 2009 to 2015 to analyze the factors that influence the speculative capital flows in China. The balance of RMB deposits in Hong Kong has a significant impact on the speculative capital flow in China, and the impact of interest rate differentials and RMB cross-border trade settlement should not be ignored. Based on the empirical conclusions, this paper proposes that we should continue to deepen the reform of interest rate liberation, actively promote the reform of onshore RMB exchange rate formation mechanism, strengthen the supervision of cross-border capital flow in Hong Kong and strengthen international cooperation and experience.