中文摘要：

香港地区已经出现了日趋严重的人民币替代港元的人民币化现象,这对中国经济尤其是中国的货币需求会带来怎样的影响？运用向量自回归VAR模型、脉冲响应函数等检验方法对此进行实证分析,结果表明反映香港人民币化的各种经济变量的变动会改变香港居民对人民币与港元的持有量,从而证实了香港人民币化对中国货币需求的影响确实存在并影响中国货币政策的有效实施。中央银行在确定货币供应量目标及进行货币政策操作时,不能只考虑中国内地的经济因素,还需关注香港地区的经济因素。

英文摘要：

With the development of relationship of trade and finance between Hong Kong and mainland, the phenomenon of RMB -ization that RMB substitutes for HKD are in- creasingly serious. How does the phenomenon of RMB-ization affect mainland economy, es- pecially the demand for money？ This paper tests it by the vector auto-regressive VAR mod- el and impulse response function based on relative data in Hong~Kong. The empirical evi- dence supports the view that RMB-ization does have a significant effect on the mainland demand for money and validity of monetary policy. The corresponding countermeasures to be put forward should be based on theoretical and empirical analysis in the end.