應用PPP-UIP-RIP模型檢驗，對澳門與香港之間商品市場、金融市場以及實際資本市 場的融合程度進行分析，證明了在實際資本流動方面，澳門與香港、美國之間的融合程度非常 低，此結論為改變澳門幣目前的匯率制度和深化澳門的金融制度改革提供了科學依據。為此，應 改革澳門的匯率制度，實施澳門幣與港幣脫鈎並與人民幣掛鈎；建立澳門人民幣離岸市場，強化 澳門的葡語國家聯繫平臺作用，大力推動金融產業發展；充分利用國家建設橫琴新區的機遇，將 橫琴作為三幣流通的試驗區，拓寬澳門幣的流動範圍，從而改變澳門幣的弱勢地位，並為中國資本項目的全面開放提供經驗。

When analyzing the integration of commodity, finance and actual capital markets between Macau and Hong Kong by applying the model of PPP-UIP-RIP, it can be seen that the degree of integration among Macau, Hong Kong and America is very low in terms of the mobility of actual capital. This provides scientific evidence for changing the existing exchange rate of the Pataca and deepening Macau’s financial system. To this end, we must accomplish the following steps: reform Macau ’s exchange rate and separate the Pataca from the Hong Kong dollar, instead connecting it with RMB; establish the offshore market of RMB in Macau and intensify Macau ’s relationship with Portuguese countries so as to rigorously promote the development of financial industries; fully utilize the advantage of the construction of the Hengqin new zone,making Hengqin the test zone of the three currencies and expand the range of applications of the Pataca so as to change the inferior position of the Pataca, in the mean time providing experience for the full opening of China ’s capital projects.