<figure style="color: inherit; font-family: inherit; font-size: 14px; font-style: inherit; font-weight: inherit; letter-spacing: inherit; border: 0px; line-height: inherit; margin: 32px -54.2188px 0px 0px; padding: 0px; vertical-align: baseline; background-color: #111111; clear: both;"><span style="font-style: inherit; font-weight: inherit; font-size: 14px; line-height: inherit; font-family: inherit; border: 0px; color: inherit; letter-spacing: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="http://ichef.bbci.co.uk/news/ws/660/amz/worldservice/live/assets/images/2016/11/29/161129150342_rmb_640x360_reuters_nocredit.jpg" width="640" height="360" data-highest-encountered-width="660" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; user-select: none; width: 645.781px; display: block;" alt="" /><span style="font-style: inherit; font-weight: inherit; font-size: 14px; line-height: inherit; font-family: inherit; color: inherit; letter-spacing: inherit; margin: 0px; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; border: 0px !important; padding: 0px !important; position: absolute !important; height: 1px !important; width: 1px !important;">Image copyright</span><span style="font-style: inherit; font-weight: inherit; font-size: 0.875rem; line-height: 1.14286; font-family: inherit; border: 0px; color: #ececec; letter-spacing: 0.25px; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; text-transform: uppercase; background: rgba(0, 0, 0, 0.6); bottom: 0px; position: absolute; right: 0px;">REUTERS</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="font-style: inherit; font-weight: inherit; font-size: 14px; line-height: inherit; font-family: inherit; color: inherit; letter-spacing: inherit; margin: 0px; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; border: 0px !important; padding: 0px !important; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="font-style: inherit; font-weight: inherit; font-size: 0.75rem; line-height: 1.33333; font-family: inherit; border: 0px; color: #ececec; letter-spacing: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">中国收紧外汇控制，旨在打破人民币贬值预期和资本大批外流的循环？</span></figcaption></figure><p style="font-style: inherit; font-weight: bold; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 28px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">中国人民银行（央行）推出新规，收紧境内企业的境外人民币放款，不但规定上限，还规定需报外汇管理局备案。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">这是近20年来中国当局首次收紧人民币净流出，标志跨境人民币政策发生重大变化。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">香港《南华早报》报道说，这是中国人民银行近期陆续出台的旨在收紧本、外币资本外流，堵住政策漏洞的一系列措施之一。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">国家外汇管理局周一（11月28日）出台新规，资本账户下超过500万美元的海外支付，包括组合投资或海外并购等直接投资，必须上报市外管局批准；之前已经获批的大型投资项目尚未转帐的外汇部分也适用此规。原来的报批限度是5000万美元。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">分析人士对此解读为引导汇率预期努力，是宏观管控的一部分。</p><h2>堵住政策漏洞</h2><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">根据中国央行周一出台的新规定，境内非金融企业人民币境外放款不得超过净资产的30%，不得用个人资产，且须事先在外管局登记备案，本外币一体化。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">放款人应注册成立一年以上，与借款人之间有股权关联关系。短期频繁发生的境外放款，经办银行将要求放款人解释原因，确保合规。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">以前，为了防止大量投机热钱涌入，中国对人民币流入和外汇流出控制较严，对人民币流出则相对宽松，一般认为基本没有限额，对相关企业也没有严格规定。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">推动人民币国际化的政策也为人民币流出提供了较宽松环境。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">一个较普遍观点是，人民币出境已经成为规避外汇管制转移资本、境外购汇套利和离岸人民币市场做空人民币的渠道。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">上海金融监管研究院指出，央行这次紧急发文触及现有政策之间可以被钻空子套利的差异，“非常符合当前跨境人民币和外汇管理协调统一的思路，防止过多的套利投机性行为”。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">《南华早报》援引业者分析说，有部分大企业利用人民币跨境放款业务为资本外逃作掩护，央行也在考虑收紧这方面的监管。</p><p style="font-style: inherit; font-weight: inherit; font-size: 1rem; line-height: 1.75; font-family: inherit; margin-top: 18px; color: #404040; letter-spacing: inherit; border: 0px; padding: 0px; vertical-align: baseline;">中国国际金融股份有限公司（中金）本周公布的一份报告显示，人民币境外付款净流出今年到目前为止已达18000亿元，而离岸人民币存款减少了2557亿元，表明人民币境外付款成为中国企业规避外汇管制的一个渠道。</p>