2009年香港离岸人民币中心建立,2011年4月汇贤房地产信托(汇贤REIT)首只人民币IPO在港交所挂牌交易,2012年9月港交所推出首只可交收人民币期货合约,香港作为国际金融中心引起中国大陆乃至全球的更广泛关注。基于封闭经济中的货币政策理论考察货币政策通过货币供应量及利率渠道如何影响国内股票市场,而在开放经济条件下,由于离岸人民币货币 In 2009, the Hong Kong Offshore Renminbi Center was established. In April 2011, the first renminbi IPO of Huixian Real Estate Investment Trust (Huixian REIT) was listed on the Hong Kong Stock Exchange. In September 2012, the first deliverable renminbi futures contract was launched by the HKEx, Hong Kong, as an international financial center, has drawn more attention in Mainland China and the world. Based on the theory of monetary policy in a closed economy, we examine how monetary policy affects the domestic stock market through the money supply and interest rate channels. Under the open economy, due to the offshore RMB currency