人民币国际化:中国外贸微观基础视角分析

Globalizing the RMB:A Microeconomic Perspective based on China's Foreign Trade

尽管中国并没有一个全面的人民币国际化政策框架,但是在人民币离岸市场发展、人民币国际贸易结算的开展等方面,以及中外超过1.4万亿元人民币双边本币互换协议的重大举措,都表明人民币国际化已经成功启动。然而,中国经济与外贸的大国地位并非人民币国际化的触发与成功条件。中国外贸的微观特征凸显出人民币成为主要国际货币的核心基础并不稳固。因而,稳步推进人民币国际化,构建中国外贸层面的微观基础,应是"十二五"期间及其后我国政策优先发展的重点方向。

Although China lacks a comprehensive policy framework for the development of offshore renminbi center in Hong Kong, the encouraged internationalizing the use of yuan, and expanding use of the yuan for trade setflementthere, and the 1.4 trillion yuan bilateral local currency swap agreement with many countries are all evidence of an successful start for the process of the yuan＇s globalization. However, China＇s status as an international trade giant does not support renminbi＇s drive toward a major international currency. To successfully globalize the yuan, China must implement the following three policies： enlarge the share of emerging and developing countries in her foreign trade, reduce the share of foreign-related firms in her foreign trade, and promote the competitiveness Chinese domestic firms. Employing these policies will ensure a strong international trade base for the yuan as a global currency.