中国央行在香港离岸市场购买人民币以抑制离岸人民币近日的大幅贬值, 离岸人民币对美元连续两日上涨, 涨幅达0.7%。自上周四最高6.7618下跌至昨日收盘6.5796，涨幅达 1800余点。
央行的措施使得昨日离岸人民币与在岸人民币的价差缩小至约50点，是去年11月份以来首次缩小至100点以内。同时，由于央行对于货币的购买，使得人民币供给量减少，香港人民币隔夜银行间同业拆借利率-借贷人民币的隔夜成本-由53%涨至66.82%，是前高的5倍多。
美元对离岸人民币汇率走势
数据来源：彭博社
离岸人民币借贷成本飙升
数据来源：彭博社
去年11月份，人民币被国际货币基金组织批准加入特别提款权（SDR）货币篮子，人民币自由兑换将逐步放开， 但由于国际经济形势影响，中国的宽松政策与美联储的加息行动给使得离岸人民币出现大幅贬值，特别自去年年底以来在岸人民币与离岸人民币价差急速扩大到上千点，导致很多投机者在离岸市场买入人民币，然后在在岸市场卖出人民币以赚取价差。人民币的大幅贬值引发资本加速外流，导致中国股市新年伊始的急速下跌。
国际层面上，对于中国经济增速放缓与经济“硬着陆”的担忧加剧，全球股市随同中国股市普跌。同时，由于人民币贬值与中国需求放缓等因素，原油等大宗商品价格由低位再度走低，昨日西德克萨斯原油价格跌破30美元，有可能向27美元继续下探。全球投资者的目光均聚焦于中国经济形势。
中国央行的出手干预，暂时缓解了人民币的贬值压力，但另一方面可能使得人民币借贷成本提高而抑制流动性。但至少，目前人民币币值会趋于稳定，对于中国股市的回稳也产生助力。昨日，中国沪指上涨0.2%，全球股市也均出现反弹迹象，使得投资者们可能长吁一口气。
目前的经济震荡对于中国来说是偶然中的必然，在人民币资产逐步对外放开的途径中，加之当今世界整体经济疲软的条件下，也许中国实行政府性措施对于金融市场进行干预并无口厚非。上海商业银行驻香港研究中心Ryan Lam表示：“既然中国已经实现了离岸人民币与在岸人民币价差的缩窄，我们或许可以看到人民币的贬值暂时结束”，“我不认为这将是危机的开始，至少不是现在”。
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