论人民币国际化的四大失衡

Four Imbalances of RMB Internationalization

人民币国际化初期阶段存在四大失衡问题:即区域性失衡、进口和出口人民币结算的失衡、国际贸易结算职能与国际储备职能的失衡以及在岸熊猫债券与离岸点心债券发展的失衡。以上失衡起因于人民币国际化的内在矛盾,这些矛盾包括:人民币国际化与人民币升值压力之间的矛盾、人民币国际化与金融体系滞后发展之间的矛盾以及人民币国际化与网络外部性短缺之间的矛盾。

In the early stages of the RMB internationalization,there are four major imbalances: 1.Imbalance in regional distribution;2.Imbalance between import and export of RMB settlement;3.Imbalance between international trade settlement functions and international reserves functions;4.Imbalance between onshore and offshore bond market development.These imbalances result from inherent contradictions of the RMB internationalization,which include: contradictions between the RMB internationalization and the RMB appreciation pressure,the undeveloped financial systems,and the lack of network externalities respectively.