论管理浮动汇率制下的东亚货币合作

East-Asian Monetary Cooperation under the Managed Floating Exchange Rate Regime

东亚货币放弃钉住美元的汇率制度之后,日元和人民币(尤其是人民币)在稳定东亚汇率方面发挥着更为重要的作用。建立分别以日元和人民币为核心的“次货币区”(即“双轨机制”),有利于使东亚货币合作实现真正的东亚汇率协调。从长远看,“双轨机制”引入了日元与人民币之间以及这两种货币与美元之间的双重“竞争与协调”机制,有可能对美元的“霸主”地位构成逐渐强化的挑战。

Since East Asian currencies gave up the USD- pegged regime, both Yen and RMB （especially, RMB） have played more important roles in stabilizing exchange rates in East Asia than other currencies. As a result, those sub - currency - areas established around Yen and RMB respectively as their core currency （that is, bi - way mechanism） may lead to real East - Asian exchange rate cooperations and coordinations. In the long run ＂bi - way mechanism＂ will result in a competitive and coordinative mechanism between Yen, RMB and USD. The USD＇s position of ＂hegemony＂ may be challenged.