自從2007年全球金融海嘯後，中國政府開始著手進行推進貨幣體系改革、東亞區域貨幣合作與人民幣國際化。其中人民幣國際化更是中國政府國際金融新策略的重點，目的是提升人民幣的國際地位，並降低中國對美元的依賴。2009年以來，中國開始透過「跨境貿易人民幣結算試點」和「發展香港人民幣境外業務」兩項具體策略來推進人民幣國際化。 本論文研究的主軸分為三部份來探討：首先對境外人民幣債券市場的發展沿革以及目前概況做介紹，其次是針對境外人民幣債券市場實務來做探討，第三部份是以投資人角度來看其對於境外人民幣債券的考量，包括投資誘因、須考量的風險。最後在本論文中以首件外資公司發行境外人民幣債券(麥當勞)和首樁台資企業發行境外人民幣債券(永豐餘)為實例個案，具體分析企業發行境外人民幣債券的目的，以及投資人如何看待日漸開放的境外人民幣市場，由此可推敲窺見全球對人民幣未來的期待。

Submitted by RAFAEL VIEIRA (rafaelalfinito@hotmail.com) on 2013-09-09T19:11:07Z No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-09-19T17:44:09Z (GMT) No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) / Made available in DSpace on 2013-09-19T17:44:51Z (GMT). No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) Previous issue date: 2013-05-27 / Autoridades chinesas tem buscado agir com rapidez, mas com costumeira cautela, para que sua moeda seja capaz de adquirir status de moeda internacional de reserva. Embora tal objetivo exija eliminação ou considerável relaxamento dos controles de capitais, estes ainda existem e geram significativas distorções entre os mercados de câmbio e juros em Renminbi onshore, na China Continental, e offshore, em Hong Kong. Este trabalho descreve algumas destas distorções através da análise de instrumentos financeiros operados nos mercados à vista de moeda (Renminbi spot), forward de moeda (NDF de Renminbi), e de dívida governamental e corporativa em Hong Kong (Dim Sum Bonds). / Chinese authorities seek to act quickly, but with cu stomary caution, so that it s currency can assume the status of international reserve currency. Although this requires the elimination or considerable relaxation of inst ated capital controls, these still exist and generate significant distortions in the Renminbi currency and interest rate markets onshore, in Mainland China, and offshore, in Hong Kong. The present work describes some of these distortions through the analys is of financial instruments transacted in the Renminbi spot currency market, the Renminbi forward market (NDF), and the Renminbi government and corporate debt markets in Hong Kong ( Dim Sum Bonds).