中英双语介绍离岸人民币（Offshore RMB，简称CNH）和在岸人民币（Onshore RMB，简称CNY）

中文版

离岸人民币（Offshore RMB，简称CNH）和在岸人民币（Onshore RMB，简称CNY）是人民币在不同市场上流通和交易的两种形式。尽管它们都是中国的法定货币人民币（RMB），但由于交易环境、监管政策和市场机制的不同，两者在很多方面存在差异。

在岸人民币 (CNY)

在岸人民币是指在中国大陆境内使用和流通的人民币。CNY的主要特点包括：

受中国人民银行监管：在岸人民币的交易和流通受到中国人民银行（PBOC）的严格监管，货币政策和外汇管理政策均由中国政府制定和实施。
受资本管制：中国对资本账户实行严格的控制，资金进出境受到限制，旨在防止过度的资本流动对国内经济造成冲击。
汇率机制：在岸人民币的汇率主要由中国人民银行参考一篮子货币进行管理，通过设定每日的中间价（基准汇率）和一定范围内的波动区间，市场参与者在这个范围内进行交易。

离岸人民币 (CNH)

离岸人民币是指在中国大陆境外的金融市场上使用和交易的人民币，主要集中在中国香港、新加坡、伦敦等国际金融中心。CNH的主要特点包括：

市场化程度较高：离岸人民币市场相对开放，汇率由市场供需决定，受中国人民银行的直接干预较少。
无资本管制：在离岸市场上，人民币资金流动不受中国大陆资本管制的限制，因此离岸人民币市场具有更高的流动性和自由度。
独立运作：离岸人民币市场与在岸市场相对独立，汇率可能存在差异。在某些情况下，离岸人民币的汇率可能与在岸人民币的汇率不同，这种差异通常反映了市场对人民币的供需情况以及国际投资者对中国经济前景的预期。

两者之间的联系和影响

尽管在岸人民币和离岸人民币在不同市场上运作，但两者之间存在紧密联系，互相影响：

汇率联动：虽然离岸人民币和在岸人民币的汇率可以不同，但两者通常存在一定的联动关系。在岸人民币的中间价和波动情况会对离岸人民币的汇率产生影响，反之亦然。
套利机会：由于两者汇率可能存在差异，市场参与者可以通过跨境套利交易（如同时买入低价市场的人民币并卖出高价市场的人民币）获利，这种套利活动在一定程度上会缩小两者的汇率差距。
政策影响：中国人民银行的货币政策和外汇管理政策不仅影响在岸人民币市场，也会通过市场预期和投资者行为对离岸人民币市场产生影响。

总结来说，离岸人民币和在岸人民币是人民币国际化进程中的重要组成部分。两者在不同市场上运作，各自具有不同的特点和优势，同时又通过市场机制和政策调控保持一定的联系与平衡。

英文版

Offshore RMB (Offshore Renminbi, abbreviated as CNH) and Onshore RMB (Onshore Renminbi, abbreviated as CNY) are two forms of China’s legal currency, the Renminbi (RMB), traded and circulated in different markets. Despite both being RMB, they differ in many aspects due to the trading environments, regulatory policies, and market mechanisms.

Onshore RMB (CNY)

Onshore RMB refers to RMB used and circulated within mainland China. The main characteristics of CNY include:

Regulated by the People’s Bank of China (PBOC): Onshore RMB transactions and circulation are strictly regulated by the PBOC, with monetary and foreign exchange policies formulated and implemented by the Chinese government.
Capital Controls: China implements strict controls on its capital account, restricting cross-border capital flows to prevent excessive capital movements that could destabilize the domestic economy.
Exchange Rate Mechanism: The exchange rate of onshore RMB is primarily managed by the PBOC, which references a basket of currencies. The PBOC sets a daily midpoint rate (benchmark rate) and allows the currency to fluctuate within a certain range, with market participants trading within this range.

Offshore RMB (CNH)

Offshore RMB refers to RMB used and traded in financial markets outside mainland China, mainly concentrated in international financial centers like Hong Kong (China), Singapore, and London. The main characteristics of CNH include:

Higher Degree of Marketization: The offshore RMB market is relatively open, with exchange rates determined by market supply and demand, and less direct intervention from the PBOC.
No Capital Controls: RMB funds in the offshore market are not subject to the capital controls imposed by mainland China, resulting in higher liquidity and greater freedom of movement.
Independent Operations: The offshore RMB market operates relatively independently from the onshore market, and exchange rates can differ. This discrepancy often reflects the supply and demand for RMB and international investors’ expectations of China’s economic outlook.

Connection and Influence Between the Two

Despite operating in different markets, onshore and offshore RMB are closely linked and influence each other:

Exchange Rate Linkage: Although CNH and CNY exchange rates can differ, they usually exhibit a certain degree of linkage. The onshore RMB midpoint rate and fluctuations can influence the offshore RMB exchange rate, and vice versa.
Arbitrage Opportunities: Due to possible differences in exchange rates, market participants can engage in cross-border arbitrage (e.g., buying RMB in the lower-priced market and selling it in the higher-priced market) to profit, which can narrow the exchange rate gap between the two markets.
Policy Impact: The PBOC’s monetary and foreign exchange policies not only affect the onshore RMB market but also influence the offshore RMB market through market expectations and investor behavior.

In summary, offshore RMB and onshore RMB are crucial components of the RMB internationalization process. They operate in different markets, each with distinct characteristics and advantages, while maintaining a degree of connection and balance through market mechanisms and policy coordination.