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离岸市场发展所导致的外汇储备增加并不需要全部对冲,可以说,今后几年中发展离岸市场对外汇储备增量是有限的2010年,香港的人民币离岸市场取得了突破性发展。其人民币存款余额从年初的约600亿元快速上升到约3000亿元,而在香港发行的人民币债券也从年初的18个快速增至60多个,余额从380多亿元上升到680多亿元。然而,与此同时,中国经济也正面临着通货膨胀加剧、热钱流入加速、对冲流动性过剩的压力。在此背景之下,虽然推进人民币国
The increase of foreign exchange reserves caused by the development of the offshore market does not need to be fully hedged. It can be said that the development of the offshore market in the next few years will have limited increases in the foreign exchange reserves. In 2010, the renminbi offshore market in Hong Kong achieved a breakthrough. Its RMB deposit balance rose rapidly from about 60 billion yuan at the beginning of the year to about 300 billion yuan. The RMB bonds issued in Hong Kong also increased rapidly from 18 at the beginning of the year to over 60, with the balance rising from over 38 billion yuan to more than 68 billion yuan yuan. However, at the same time, the Chinese economy is also facing the pressure of intensifying inflation, accelerating the inflow of hot money and hedging the excess liquidity. In this context, although the promotion of RMB country