Estimating the Freedom of RMB Cross-border Flow

——based on the Experience of De Jure Measures of Capital Account Openness ZHANG Chun-sheng1 and LIANG Tao2

doi：10.14089/j.cnki.cn11-3664/f.2020.03.012引用格式：李静，张新圣，李先国.顾客参与风格对企业品牌资产的影响机制[J].中国流通经济，2020（3）：114-126.

（1.Guangdong University of Finance and Economics，Guangzhou，Guangdong510320，China；2.Guangdong University of

Finance，Guangzhou，Guangdong510521，China）

Abstract：People always pay close attention totheresult of currency internationalization，use relevant indexes such as the share of global trade invoicing and settlement，the share of global exchange rate transaction，the share of global international bond，the share of global foreign exchange reserve to measure the extend of currency’s acceptance by the world，but ignore the process of the currency cross- border flow deregulation，that is the liberalization process of one currency to flow in- out freely permitted by the authorities.Currency internationalization is a process and also is a result，it contains the meaning of process and result；currency internationalization process not only influences internationalization result itself，it also influences domestic economic and financial stabilization.Permitting local currency flow in- out freely too early or rapidly will lead to economic and financial risk. So，internationalization process deserves more attention than result. Based on the study of China’s monetary policy before the second season of 2019，the authors evaluate RMB cross-border flow freedom of current account，security investment account，and capital account from 2008 to 2019，formulate the index of RMB cross- border flow freedom，and inspect RMB cross- border flow freedom from 2008 to 2019. It is found that the process of RMB internationalization has been accelerated， RMB cross- border flow has been deregulated，and the degree of RMB inflow freedom is much higher than RMB outflow freedom. In terms of RMB internationalization，we should，first，obey the policy of“current account first，and then the capital account”，“inflow first，and then the outflow”，“institution first，and then the individual”，“large amount first，and then the small amount”，and“low-risk project first，and then the high-risk project”，improve the stability of RMB cross-border flow， and reduce the speculative risk brought by disorderly flow；second，we should vigorously control RMBcross- border flow of security investment account，other kinds of investment account，and derivatives account，and make adjustment of that according to the degree of interest rate liberalization，the advance of financial market，and the capability for prudential regulation；third，we should increase the proportion of RMB settlement in current account，develop RMB offshore market，and increase the use frequency of RMB not among residents；and fourth，we should fully evaluate RMB cross- border flow and exchanges freedom between RMB and foreign currency in different kinds of account，and reduce the negative impact of mismatching.

Key words：RMB internationalization；de jure measures of capital account openness；RMB cross-border flow freedom