在上海自贸区发行“丝路债券”初探——基于人民币国际化的视角

The Path of RMB's Internationalization by Issuing Silk Road Bond in Shanghai Free Trade Zone

本文从货币的债权属性角度分析,认为货币国际化是本国债权向国际转移的过程。美元和日元在国际化初期都实现了资本账户的逆差和经常账户的顺差,当前人民币可以保持长期对部分国家资本账户的逆差和经常账户的顺差,因此本文大胆假设可以依靠针对越南等国家发行人民币债券的方式,推动人民币区域国际化进程。国际金融中心在一国货币国际化进程中的作用巨大,应当抓住上海自贸区建设的机遇,在上海自贸区发行人民币国际债券,推进人民币国际化。本文设计了建设上海自贸区人民币"丝路债券"平台的初步方案,一方面有助于为一带一路战略提供融资支持;另一方面充分发挥了自贸区改革创新试验田的优势;同时还具备促进人民币国际化的功效。

This paper analyzes from the angle of the claims property of currency, that monetary internationalization is the transition process from one nation＇s own debts to the other countries. In the early stage of their internationalization, the dollar and yen were able to keep capital account deficit and current account surplus. Now the RMB can maintain long-term capital account deficit and current account surplus with some of the countries. So we can boldly promote the process of the internationalization of RMB by issuing RMB bonds to Vietnam and the other countries. The international financial center is highly important in the process of currency internationalization so that we should seize the opportunities of the construction of China Free Trade Area of Shanghai, to issue RMB bond in area of Shanghai Free Trade Zone. This paper designs the preliminary scheme for constructing the Shanghai Free Trade Zone SILK BOND platform, in order to provide financing support for the One Belt and One Road strategy; On the other hand, this scheme gives it full play the free trade＇s experimental advantage in the reform and innovation as well as to promote the RMB internationalization.