国际货币体系改革与人民币国际化

International Monetary System and the Internationalization of RMB

本文总结了以美元为主导的国际货币体系存在的主要缺陷:货币发行国激励不相容、美元一支独大对世界经济造成巨大波动以及美国持续的双赤字引发的美元信用危机等。充分发挥特别提款权的作用,最终建立具有稳定内在机制的多元国际货币体系是未来的发展方向和趋势。在国际货币体系改革浪潮下的人民币国际化是市场选择也是历史趋势,人民币国际化已经取得了实质性的进展,未来应当遵循与中国金融经济改革相匹配的原则,逐步实现人民币的国际化。

Based on the structure of current International Monetary System(IMS),this paper investigates the defects of the IMS,including the incentive incompatibility of the United States and the huge economic risks brought by US dollar.The authors argue that the current IMS is not stable and sustainable in the long-run due to the trade and fiscal deficits of the United States.The author suggests enlarging the role of SDR and establishing a more stable multi-currency system.We also believe that RMB internationalization is a historical trend,and now the internationalization of RMB has made substantial progress.In the future,the internationalization of the RMB should keep pace with the Chinese financial reform and be realized gradually.