CAJ | 학술논문

自人民币跨境使用启动以来，有关套利活动的争议骤起。本文在对人民币跨境套利机制、渠道及其影响进行理论剖析的基础上，指出人民币跨境套利活动固有其弊，但同样存在着积极的正面制度效应。人民币跨境套利活动以服务实体经济为前提，为人民币资本项目加快开放作出了探索；强化了市场发现价格机制的作用，为加快汇率和利率市场化改革提供了新的实现方式；推动了人民币离岸市场的发展，扩大了金融市场的广度和深度。因此，应在加强监控的基础上，以跨境人民币投融资业务为突破口，带动相关改革加快步伐，减少市场套利的土壤，降低境外持币者的套利动机。
자인민폐과경사용계동이래，유관투리활동적쟁의취기。본문재대인민폐과경투리궤제、거도급기영향진행이론부석적기출상，지출인민폐과경투리활동고유기폐，단동양존재착적겁적정면제도효응。인민폐과경투리활동이복무실체경제위전제，위인민폐자본항목가쾌개방작출료탐색；강화료시장발현개격궤제적작용，위가쾌회솔화리솔시장화개혁제공료신적실현방식；추동료인민폐리안시장적발전，확대료금융시장적엄도화심도。인차，응재가강감공적기출상，이과경인민폐투융자업무위돌파구，대동상관개혁가쾌보벌，감소시장투리적토양，강저경외지폐자적투리동궤。
Since the start of the cross-border use of RMB, controversies about the arbitrage activities have gradually increased. Based on analysis of the arbitrage mechanisms, channels and its influences, this paper points out that RMB crossborder arbitrage activities have both sides of the nature. The RMB cross-border arbitrage activities focus to serve the real economy, and speed up the opening of the RMB capital explore ; They Strengthen the role of the price finding mechanism of the market and speed up the way of exchange rate and interest rate reform; They also Promote the development of the offshore RMB market, and expand the breadth and depth of financial markets. Therefore, on the basis of strengthening monitoring, the cross-border RMB investment and financing business should be as the breakthrough to speed up the pace of development of related reforms in order to reduce market arbitrage and the arbitrage motivations of foreign holders.