从美元兴衰看人民币国际化走势

A check of RMB globalization in reference to the rise and fall of the USD

《嚣张的特权》是埃肯格林教授在探讨国际货币体系方面的又一巨作，该书主要讲述了美元从诞生、发展并主导国际货币体系、所受挑战及未来展望等，对于当前人民币国际化具有极强的借鉴意义。从本质上讲，货币权力大小体现在该国货币在国际市场上融资能力的大小，在人民币从投资货币逐渐转换成融资货币的过程中，加快债券市场对外开放、甚至推出“债券通”等可视作支持人民币国际化的重要举措。

The Exorbitant Privilege, another masterpiece of Prof. Eichengreen probing into the international monetary system, narrates on the history of the US dollar, from its birth and development to the ultimate dominating role in the international monetary system, together with analyses of the challenges it faces and future prospects, and offers a significant referential value for the ongoing RMB globalization. In essence, monetary power is reflected in the financing capacity of a currency in the international market. In the gradual transition of the RMB from an investment currency to a funding currency, accelerating the pace of the opening up of the bond market and even launching a ＂Bond Connect＂ can be regarded as important measures to boost the RMB globalization.