感謝今天到中文大学參加中国货币汇率政策講座的朋友. 现附上今天在講座用的资料, 供大家参考.



大家好. 对中国的货币及汇率政策有兴趣的朋友, 可上網到http://www.igef.cuhk.edu.hk/seminar一看. 我5月24日在中大有講座, 欢迎參加.


Readers may wish to read the attached paper that I have just completed on the subject of capital account convertibility for the renminbi. In the paper I examined a number of issues relevant to achieving capital account convertibility for the renminbi. I made what I think is an important distinction between full convertibility and free convertibility, and urged the Mainland authorities carefully to go for the former, having regard to the stage of financial development on the Mainland and the risks to monetary and financial stability of free capital account convertibility. I ended the paper recommending a strategy for achieving capital account convertibility for the renminbi. My apologies for only providing an English version of the paper.

Joseph Yam




Sorry I have not been updating this website lately.  Life has been quite hectic for me in the last few months.  But I have been enjoying myself, spending quite a lot more time playing golf, travelling and watching with interest the developments in international finance.  I managed to make a few speeches too, one in Toronto in September on the “Role of China in International Finance”, one in Beijing earlier this month on “The International Monetary System and the Renminbi” and one in Singapore just yesterday on “Lessons learnt from Financial Crises – A Central Banker’s Perspective”.  Links to these speeches are given below for those interested in reading them.

Joseph Yam




有朋友問我, 在6月21日发表的人民币離岸市场的文章(只有英文版)裏的第8段第2句說的”不分割的支持”的意義是什么.  今天人民银行公布了利用香港人民币清萛行為台湾地区提供人民币現鈔清萛服务, 沒有另起爐灶, 便是不分割的支持的好例子, 可喜可賀.




I was asked what I meant by “undivided support” in the second sentence of paragraph 9 of my Inaugural Lecture delivered on 21 June 2010 on the Off-shore renminbi market.  Today the People’s Bank of China gave a very good example of such “undivided support” to develop Hong Kong as the off-shore renminbi market.  The renminbi Settlement Bank in Hong Kong is tasked to provide renminbi settlement services to Taiwan. 


Joseph Yam


今天早上参加了一間中学的畢業典禮, 並发言.  其实, 我很少有機會面对中學生講人生觀. 雖然不知道我的发言是否合適, 但对我來說是一次很有趣的经驗.  現附上講詞, 請指教.




I attended a graduation ceremony of a secondary school this morning and delivered a speech.  I seldom get an opportunity to talk to secondary school students about things that may be of interest to them.  It was quite an experience, although I do not know whether it was an appropriate speech for the occasion.  The speech is attached for those interested to read.


Joseph Yam





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