基于内生性视角的人民币国际化研究

RMB Internationalization:from Perspective of the Endogeneity

当前人民币国际化优势与劣势并存。中国经济实力和综合国力增强,金融机构国际地位提升,人民币公信力提高,人民币国际化环境改善等,使得人民币国际化具有占优条件。另一方面,金融市场不够发达,资本项目较低的开放度,人民币不能够自由兑换,又使得人民币处于国际货币竞争劣势。从货币国际化竞争条件内生性理论来看,需要动态看待人民币国际化条件:随着人民币国际化的推进,将一定程度上促进人民币国际竞争条件的改善。中国应采取分步实施策略、同步推进金融市场与人民币国际化进程、促进贸易发展和提高综合国力、"两个平行金融市场"制度推进金融市场建设、完善人民币汇率形成机制、加强区域合作等有效措施,改善人民币国际化竞争条件。

Both strengths and weaknesses existed in the RMB internationalization currently.With China＇s enhancing economic strength and comprehensive national strength,international status of the financial system and credibility of the RMB,makes RMB have the dominant conditions in the international currency competition.On the other hand,China＇s relatively weak financial system,underdeveloped financial markets,lower openness of capital account,restraint in convertibility of RMB,makes RMB have competitive disadvantage.In view of the endogeneity of international currency competition,the condition of RMB internationalization should be looked in a dynamic way.With the advancement of RMB internationalization,the conditions for RMB in the international currency competition will improve in some degree.RMB internationalization being a long-term gradual process,it should be taken with long-term plan and in a step-by-step way.Specific measures include： promote trade development and enhance the comprehensive national strength,＂two parallel financial market system＂to promote financial market development,improve RMB exchange rate formation mechanism,reinforcing international coordination and regional cooperation.