大国模型下的金融开放及主权货币国际化的思考

Thought on Financial Opening-up and Sovereign Currency Internationalization of Major Economies

区别于一般经济体,超大型经济体因占全球GDP和世界贸易比重高而使其货币具有国际货币潜质。发挥这一潜质会使超大型经济体金融开放呈现为不同于传统理解的新路线,形成从属于本币国际化的新安排。本文从这个角度讨论了人民币国际化的前景及挑战。

Unlike normal economies,a super-power economy accounts for a high proportion of globalGDP and trade;its currency,therefore,has the potential to become international currencies.Inbringing out such potential,a super-power economy will see their financial opening-up take anew direction that deviates from traditional pathways,thus leading to new arrangements inwhich its financial opening-up becomes a subordinate factor for its currencyinternationalization.From this perspective,the article discusses prospect of RMBinternationalization,challenges China will face in that process,and solutions.