Research On The Supervision Of Abnormal Cross-border Capital Flows Under The Development Of Cross-border RMB Business

After global financial crisis, as the international economic and financial globalization and the continuous increase of opening-up level,cross-border capital flows frequently, cross-border RMB business develops quickly and the convertibility of RMB capital account deregulates step by step.At present,China’s current account can be freely convertible,but capital account cannot.Under such a background,as the cross-border capital flows increasing, it is of great difficulty for foreign exchange supervision. Even though, it may influence the macro regulation and monetary policy operation,and bring about big challenge for keeping balance of international payments and the regulation of abnormal cross-border current-flows.China’s cross-border capital flows regulation continue to emerge some problems. The question of how to manage effectively, how to maintain the financial security, and how to maintain the stable and healthy development of China’s economy, has already becomes an issue.Under this background, it is very important to explore and improve the supervision of cross-border capital flow in China, which is of great significance to maintain the healthy and stable economic growth.Due to the impact of the financial crisis, the hegemony of the dollar was shaken, which brings an opportunity for other currencies to challenge the dollar. The second half of 2008, in order to cope with the international financial crisis, maintain the growth of economic, promote the internationalization of the RMB, the State Council decided to carry out goods trade RMB settlement pilot in the Yangtze River Delta, Pearl River Delta, HongKong,Macao, Guangxi,Yunnan and ASEAN Regional, which marks the official opening of cross-border RMB business, and also represents the internationalization of RMB. At present, CIPS has been built and gradually put into operation, settlement channels has been improved, RMB cross-border investment and financing have been gradually allowed, and quantity of currency exchange countries has gradually increase, offshore RMB market in London,Singapore rapidly developed, RMB internationalization steps forward.The topic of this paper is the supervision of cross-border capital flows. China’s financial system reform and RMB capital account convertibility develop step by step,cross-border RMB business develop rapidly,Cross-border capital flows frequently,under this background, this paper analyses the relationship between cross-border capital flows and economic development and financial impact factors. Deeply study the current situation of cross-border flows supervision, and propose to build an effective cross-border capital flow management system, so that it can meet the growing needs of cross-border capital supervision.First of all, this paper analyzes the characteristics and structure of cross-border capital flows and the impact of China’s macro policy control. Using the economic and financial data analysis to confirm the existence of abnormal cross-border capital flows and the correlation between the driving factors.Through analysing the status and existing problems of China’s cross-border capital flow regulation.confirm the importance of reforming and perfecting our cross-border capital flow monitoring framework.Draw lessons from the international experience of the management of cross-border capital flows in developed countries, prevent the risk of abnormal cross-border capital flows...