基于资本账户管制状况下的人民币国际化

2008年金融危机以后,人民币国际化进程加快,而制约人民币自由兑换的资本账户管制在短期内却不能取消。本文以国际货币具体职能的实现为依据,对人民币国际化过程进行了阶段划分,指出在人民币国际化的初级阶段,资本账户的管制不形成阻碍。同时,通过增强人民币在国际贸易计价货币选择中的国际接受性和吸引力;利用人民币对外直接投资增加其境外流通量;扩大人民币离岸金融市场以拓展境外人民币的使用途径;以政府积极推动来提高人民币的国际地位和储藏价值等措施,能够在资本账户管制状况下,促进人民币实现更高阶段的国际化目标。

The Chinese government has been speeding up RMB internationalization since the 2008 Financial Crisis; however, the biggest obstacle to the complete convertibility of RMB the regulation of capital accounts will keep effective for a long time. Based on the concrete functions of international currency, this paper divides the process of tKMB internationalization into different stages and suggests enhancing the acceptability and attractiveness of RMB in invoicing currencies in international trade, increasing the circulation overseas of RMB by making direct investments, expanding the access of RMB through offshore financial markets, and increasing the international position and store value of RMB to promote RMB internationalization in higher stage under the regulation of capital accounts.