LTG in this article
GOLDROCK shares the development of the offshore financial market ~
Centered on the US dollar, the offshore financial market originated from the European US dollar transactions.In 1973 and 1979, the Organization of the Petroleum Exporting Countries had greatly increased oil prices and obtained a huge amount of international revenue and expenditure, accumulated a large amount of oil dollar, and the oil dollar was put on the European US dollar market.The market size expands rapidly.At the same time, oil importing countries, which have caused the international revenue and expenditure deficit due to the rise in oil prices, have borrowed to the European and American markets to form a realistic demand party for European and US dollars.As a result, the US dollar has enriched and expanded the European US dollar market.
After the 1970s, the status of the US dollar hegemony was declining, the US dollar crisis frequently broke out, and the US dollar status was extremely unstable. In order to maintain the stability of the reserve value, the central banks of various countries have also transformed the original single US dollar reserves to hold a variety of types.The combination of currency reduces the risk of foreign exchange.The proportion of global foreign exchange reserves has increased significantly.The rise in the RMB exchange rate is inevitable due to the rise in the international purchasing power of the renminbi, leading to the outflow and accumulation of the RMB in the international currency market.If the Chinese economy continues to develop rapidly, the internationalization of RMB is inevitable.
In order to improve the status of the country's financial industry in international finance, compete for the international financial market share, and participate in the process of the averageization of international financial profits, since the 1970s, some countries have begun to promote the establishment of the country's offshore financial market by the government.In the 1950s, London became the global non -orthodox monetary financial trading center.A credit market that operates US dollar deposit and loan business abroad was first appeared in London.In recent years, the European US dollar market in London has become increasingly developed into a large -scale international US dollar market.Later, not only the dollar, but the currency of various countries also became direct transactions, and formed currency prices regulated by the supply and demand relationship.(Prove that Marx's "currency is commodity".)
The offshore financial market is developed on the basis of the traditional international financial market, but it has broken through many restrictions such as trading subjects, scope of transaction, transaction objects, and national policies and regulations.
The offshore financial market is a highly international financial market, which absorbs the remaining capital and funds globally;
The offshore financial market has its unique interest rate system. It is based on the London interbank borrowing interest rate (libor) as the benchmark interest rate. It is the only reference standard for various currencies in the process of international lending;
The operating environment and market business of the offshore financial market are highly liberalized. It is a financial market that is super national and non -national.The banking law and foreign exchange control of the country;
Fourth, the transaction scale in the offshore financial market is very large. It is the financial communication of large financial institutions. It is mainly based on inter -bank transactions. Its business often has a wholesale nature.
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