An Exploration On The Mode Of Cross-border Capital Regulation Under The Background Of RMB Internationalization

The advancement of RMB internationalization and the deepening of foreign exchange management facilitation reform have effectively promoted the expansion of cross-border capital flows in recent years.However,the regulation of RMB and foreign currency cross-border capital belongs to the People’s Bank of China and the State Administration of Foreign Exchange Bureau respectively,differing in the regulatory direction,policies,means and etc,and uncoordinated in business operations,data monitoring and information exchange.In the context of the RMB internationalization,this problems and risks of this differentiated regulation have become more and more obvious.The relatively independent RMB and foreign currency regulation system is becoming more and more difficult to meet the needs of supervision,and it is urgent to change from differentiated regulation to integrated regulation.This paper makes a comprehensive analysis of the differences between RMB and foreign currency cross-border capital regulation from regulatory agencies and objectives,regulatory standards and policies,statistical monitoring,means of verification and other aspects.On the basis,the paper elaborates several kinds of risks such as the risk of increased fluctuation of cross-border capital of this differentiated regulation with specific cases.Meanwhile,the paper takes three currency-internationalized countries including United States,Germany and Japan’s experience and lessons of cross-border capital flows regulation for reference.Based on years of experience in foreign exchange management,this paper explores on the mode of cross-border capital regulation,and puts forward the ideas that RMB and foreign currency cross-border capital regulation should change from differentiation to integration in regulatory objectives,regulatory policy system,monitoring system and other aspects,and construct the integrated regulation framework to improve regulatory effectiveness and reduce regulatory risk.While taking international experience for reference,our country should combine that with the situation of our country’s cross-border capital flow and domestic economy and manage cross-border capital flows prudently to prevent cross-border capital flow risk.