人民币作为国际计价货币的模式借鉴:美元模式与欧元模式的比较分析

The Mode of RMB as International Pricing Currency:A Comparison between Dollar-based and Euro-based Modes

文章对美元与欧元充当国际贸易计价货币的相关数据进行了比较分析,指出同一因素如贸易规模占比等对不同国家选择计价货币行为的影响是不同的。值得注意的是,美元作为国际计价货币的模式在于与大宗商品进行绑定,影响其他货币被用作国际计价货币,欧盟成员国对计价货币的选择也受到这种绑定的影响。而欧盟以欧元作为国际计价货币,其影响仅体现在联盟内,并不影响非欧盟国家对国际计价货币的选择。文章认为真正的国际货币是第三国之间使用的货币,依赖进出口贸易权重的货币使用只是货币国际化的初级阶段。文章对人民币国际化的启示在于,短期内可以通过贸易项与双边货币互换来推动人民币作为国际计价货币(欧元模式),但在长期应掌握大宗商品的计价权(美元模式)。

After the comparison between dollar and euro as the pricing currencies of international trade, this paper points out that the same factors like trade scale ratio have different effects on countries choices of pricing currencies. It should be noticed that the US dollar-based mode lies in tying the quotation of staple commodities, and affects other currencies as international pricing ones; the choices of pricing currencies by EU members are also affected by this tying. The EU takes the euro as the international pricing currency and the impact of the euro as a pricing currency is confined within the zone, and has little to do with the pricing option in non-EU members. It believes that the true international currency should be traded among the third parties and the currency use depending on import and export trade weight is only in an initial stage of currency internationalization. It sheds light on RMB internationalization that RMB as international pricing currency, namely Euro-based mode, can be advanced by trade items and bilateral currency exchanges in the short term, but China should grasp pricing right of staple commodities in the long term, namely dollar-based mode.