国际流动性安排与人民币国际化

International Liquidity Arrangement and RMB Internationalization

现代国际货币体系下,非对称性和金融一体化的矛盾导致国际流动性短缺成为了一种常态。国际金融危机以来,中心国家和外围国家的国际流动性安排都进行了改革,以缓解国际流动性短缺。中心国家构建了永久性的流动性互换协议,外围国家继续积累外汇储备,并开始使用资本管制工具,中国积极推动建立了新开发银行和亚洲基础设施投资银行,推动了一带一路战略,加速推进人民币国际化。各国国际流动性安排改革的实践表明,国际货币体系变革正在发生,多极化是国际货币体系的趋势。同时,国际流动性安排改革实践也为中国推进人民币国际化提供了启示,增强人民币的流动性是突破口。中国一方面可以凭借国际贸易优势推进人民币在国际贸易领域的广泛使用,另一方面可以凭借巨大的外汇储备优势为广大外围国家提供流动性支持,并通过资本项目逐步开放、建立离岸金融市场和与中心国家签署货币互换协议等方式进一步增强人民币的流动性。

In modem international monetary system, the contradiction between asymmetry and financial integration leads to international liquidity shortage. The central countries, as well as the peripheral ones, have reformed the interna- tional liquidity arrangement in order to alleviate international liquidity shortage. The central countries have established permanent liquidity swap agreement, while the peripheral countries continue to accumulate foreign exchange reserves and begin to employ capital control measures. At the same time, China actively promoted the establishment of the New Development Bank and Asian Infrastructure Investment Bank. It also promotes the “One belt and one road” strategy and the internationalization of RMB. The reforms of international liquidity arrangements indicate that the international mone- tary system is undergoing a change toward multi-polarization. Meanwhile, the reform of international liquidity manage- ment can offer great inspiration to the internationalization of RMB, showing that the increase of RMB＇ s liquidity is the breakthrough of RMB＇ s internationalization. On the one hand, China can increase the use of RMB in international trade in regard to its power in trade; on the other hand, China can provide other peripheral countries with international liquidi- ty by using its huge foreign exchange reserves. To decrease capital control measures, improve the off-shore markets and join the swaps agreement made by central countries are all important measures for RMB＇ s internationalization.