债权国地位与货币国际化关系分析

Research on the Relation of Creditor Status and Currency Internationalization

1975年以来的现象观察和数据分析显示,一国的债权债务地位对其货币国际化构成负向影响。这主要是因为在国际信用货币制度下,美国选择了贸易渠道流出、金融渠道回流的美元国际环流模式;而日本、中国等债权国通过输出廉价商品和资金,对美国的债务国地位和美元的国际主导货币地位形成支撑的同时却抑制了本币国际化。因此,作为一个迅速崛起的债权大国,中国必须采取消除"过度"贸易顺差、完善跨境贸易人民币结算、"躲离美元"及拓宽人民币金融输出渠道等措施,以抽身现行美元环流模式,加快人民币国际化进程。

By observing the phenomenon and analyzing the data since 1975,it showed that the creditor status played a negative role to its currency internationalization,which was attributed to the following reasons.First,U.S.chose ＇outflow by trade and withdrawal by finance＇as the pattern of dollar international circulation under international credit monetary system.Second,the creditor nations such as Japan and China supported U.S.debtor status and dollar＇s international dominant position by exporting cheap goods and capital,but inhibited their own currencies internationalization.Therefore,as a rapidly rising creditor,China should withdraw from the current pattern of dollar international circulation to accelerate the process of RMB internationalization by eliminating the ＇excess＇ trade surplus;perfecting RMB settlement of cross-border trade;avoiding to hold excess dollar and expanding the financial channel of RMB outflow.