储备困境与人民币国际化

Reserve Trap and RMB Internationalization

文章首先从1997年东亚金融危机后亚洲新兴市场国家储备积聚的现状以及次贷危机下中国外汇储备面临的"美元困境"出发,分析了次贷危机之下人民币国际化的现实与困难;然后通过各国际金融中心和国际储备货币的经验分析,指出香港国际金融中心建设对提升人民币国际地位的重要作用,并进一步分析了建设香港国际金融中心的收益、成本和条件。最后,对中国政府外汇储备管理和人民币国际化提出政策建议。

The paper first begins with the situation of Asian emerging economies＇ reserve accu- mulation after the 1997 Asian financial crisis and China＇ s ＇Dollar Trap＇ in the Subprime Crisis, and analyses the realities and difficulties of RMB internationalization, then through the evidence anal- ysis of different IFCs and international reserve currencies, indicates several effects to the internation- al status of RMB which the Hong Kong＇ s IFC construction can bring, and further analyzes the benefits, costs and conditions of HK＇ s IFC construction. In the end, the paper also gives some sug- gestions to China＇ s foreign reserve management and post-crisis RMB internationalization.