中文摘要：

跨境人民币资金流动大幅增长并部分替代了外币流动,有其深刻的政策背景与经济环境。文章将跨境资金流动划分为基础交易与金融交易两类,运用计量方法对跨境人民币流动驱动因素进行验证,结果证明,政策性因素对跨境人民币资金流动具有重要的推动作用,且套利需求也是资金流动的重要原因;跨境基础交易人民币结算稳步发展,避险功能显现;金融资金流动大量存在,对利率及汇率变动敏感性较大,值得监管部门关注。

英文摘要：

The RMB capital cross-border flow partly increases rapidly and takes the place of the flow in foreign currency which implies the policy aim and economic conditions. Thus this paper classifies the flow into substantial transactions flows and financial transactions flows in terms of their relationships with the real economy and applies the econometric methods to show the evidences of the driving forces. The results show that the policy factor plays a key role in driving the flow as well as the arbitrage factors.