日元国际化:历史、教训与启示

Internationalization of Japanese Yen: History, Lesson and Enlightenment

上个世纪六、七十年代,连续多年的贸易顺差和相对封闭的金融市场使日本面临日元汇率升值和开放金融市场的巨大外部压力,日元就是在这一背景下开始了国际化进程。日元国际化是一个从被动走向主动,从功能性战略被区域性战略所取代的过程。当前,中国已经成为全球第四大经济体和第三大贸易国,也面临着汇率升值和货币国际化的问题,回顾日元国际化的历程,我们可以发现很多有益的启示,这对于人民币的国际化有重要的借鉴意义。

During the 1960s-70s, Japan was faced with strong external pressure to appreciate its currency and open its financial market. In this background, Japan began the internationalization of Japanese Yen. It is a process from passivity to initiativity, from functional to regional strategies. Today, China has been the fourth biggest economy and the third biggest trade country, and also face the problem of exchange rate appreciation and currency internationalization. Reviewing this process, we can discover some beneficial insights, which is very important for the internationalization of RMB.