2015年8月人民元為替相場下落以降の上海・香港金融市場の新展開 : 債務繰り延べと外資導入

Abstract

Chinese dream for internationalization of Renminbi, initiating from June 2009, has seemed facing difficulties since the devaluation of Renminbi of Aug. 2017. This paper will focus on the recent development of financial and exchange markets of both Hong Kong and Shanghai since the devaluation. The paper will be divided into two parts. The first part is to examine influence of the devaluation on internationalization of Renminbi, centered in Hong Kong financial market, and consider a set of stabilization policies taken by People’s Bank of China in financial and foreign exchange markets in Shanghai. The second is to analyze new policy for opening up financial and capital market in Shanghai and for introducing foreign capital via Hong Kong. Due to consecutive policies for boosting economy, ailing state‒owned enterprises, property bubble and huge unregulated money flocking within China, it has accumulated almost three time as much debt as its GDP. To finance its mounting debt, China is finding a new way out of its difficulties in Hong Kong, and approaching to new oversea financial resource beyond it. Internationalization of Renminbi, is it a conduit for China to appear as net debtor country in international market?