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目前中国存在A股、B股和H股3个以不同货币形式表现资产的证券市场,人民币对美元升值对不同的证券市场会有不同的影响。B股和H股都是以美元或港元等标价的人民币资产,一旦人民币升值,这些人民币资产自然也会跟着升值,所以对B股和H股的价值也会相应增加。不过汇率问题对证券市场是把双刃剑,其有利有弊,在人民币对美元升值的预期下,必然会影响到国际资本的流动,进而对不同的证券市场影响也是不一样的。本文主要针对人民币对美元的升值对不同的证券市场产生的影响进行深入探讨。
Currently there are three A-share, B-share and H-share securities markets in which assets are denominated in different currencies. The appreciation of RMB against the U.S. dollar will have different effects on different securities markets. Both B-shares and H-shares are RMB assets denominated in US dollar or Hong Kong dollar. Once the RMB appreciates, these RMB assets naturally follow the appreciation, so the value of B shares and H shares will also increase accordingly. However, the exchange rate issue is a double-edged sword in the securities market. The pros and cons of the exchange rate market will inevitably affect the flow of international capital under the expectation of an appreciation of the renminbi against the U.S. dollar. Therefore, the impact on different securities markets is also different. This article focuses on the impact of RMB appreciation against the United States on the different securities markets in-depth discussion.