人民币国际化的制约:资本账户未开放还是金融市场欠发达

The Restriction of RMB’s Internationalization: Has the Capital Account not been Opened or is the Financial Market Underdeveloped?

现阶段，人民币国际化呈现出波浪形前进的发展特征，对根本性制约因素的研究引起了学术界的热烈讨论。本文通过构建人民币国际化指数的影响因素模型，发现资本管制并不是当前人民币国际化的制约因素，而金融市场发展滞后才是人民币国际化进程遭遇瓶颈的深层次原因。通过比较借鉴日本、隐国在本币国际化进程中的经验，本文从资本账户开放和金融市场发展两方面提出符合我国国情的促蛀人民币国际化发展的政策建议。

At this stage, the internationalization of the RMB presents a developmental trend of wave-shaped advancement, and the study of fundamental constraints has aroused great discussion in the academic community. By constructing the influencing factor model of the RMB＇ s internationalization index, this paper finds out that capital regulation is not a constraint factor for the current internationalization of the RMB＇ s, however, the lag in the development of the financial market is the deep-seated reason for the bottleneck in the RMB＇ s internationalization process. By comparing the experience of Japan and Germany in the process of internationalization of the local currency, this paper proposes policy recommendations for promoting the internationalization of the RMB which meets China＇s national conditions from the aspects of capital account opening and financial market development.