当前国际货币体系新特征与人民币国际化

New Characteristics and Developing Trend of Current International Currency System-Annex to Comment on RMB Internationalization

本文着重探讨了当前牙买加体系的运行状况及新世纪以来表现出的新特征。研究发现,当前国际货币体系除存在软约束的储备货币增长、货币危机的频繁发生和国际收支调节的低效等问题外,还表现出全球通货膨胀不断、美元悖论、新兴市场崛起、外汇储备分配失衡、货币风险高度集中、美元相对地位下降等六大新特征,而这些都源于牙买加体系固有的内在缺陷。因此,本文简要勾勒了当前国际货币体系的发展趋势,并对人民币国际化的现状和路径选择进行了探讨。

The paper discusses the operation and new characteristics of Jamaica system since new century. Our research discovered that in current international monetary system, there are not only such problems as soft-constrained reserve currency increase, frequent currency crisis and low efficiency of BOP adjustment, but also six new characteristics including consistent global inflation, U.S. dollar paradox, growing emerging market, unbalanced distri- bution of foreign reserve, highly concentrated currency risks and week U.S. dollar. And all these derive from the inherent defects of Jamaica system. This paper briefly outlines the developing trend of current international currency system. Finally, it discusses the status quo and route choice on RMB internationalization.