日元作为主要国际交易货币的成因及其启示

The Cause and Significance of the Japanese Yen as the Main International Transaction Currency

从国际外汇市场上的交易量看,日元已成为世界第三大外汇交易货币。日元之所以能成为主要国际交易货币,一是因为日本具有经济大国、贸易大国以及适度的对外贸易依存度等3项基础性条件;二是因为日本长期以来通过推进金融自由化,完全废除了外汇管制,建立了高度发达的金融市场,从而为日元国际化创造了良好的市场环境;三是通过欧洲日元债券、日元外国债券、国际直接投资和间接投资等渠道使得日本成为世界净债权大国,导致日元国内的普遍接受性外溢成为国际的普遍接受性;四是长期的价值稳定和低利率,使日元成为优质的避险货币和价廉物美的套利货币,深受国际投资者的青睐。日元成功的经验对人民国际化的启示在于,应把实现人民币自由兑换作为优先目标,再考虑扩大人民币在国际交易中的运用;应建设国内高度发达的金融市场,使之成为扩大人民币国际交易的基础条件之一;应保持人民币价值稳定和汇率稳定,使之成为国际投资者偏好的国际资产。

Judging from the volume of transactions in the international foreign exchange market, the yen has become the third largest foreign exchange currency in the world. The reasons why the yen has become a major international exchange currency are as follows. Firstly, Japan has three basic conditions, namely, economic power, trade power and moderate degree of dependence on foreign trade. Secondly, Japan has completely abolished foreign exchange control and established a highly developed financial market by promoting financial liberalization for a long time, thus creating a good market environment for the internationalization of the Japanese yen. Thirdly, through the channels of euro-yen bond, yen international bond, international direct investment and indirect investment, Japan has become a major net creditor country in the world, and the yen is not only universally accepted in Japan, but also has strong universal acceptance all over the world. Finally, the long-term value stability and low interest rate have made the yen a high-quality safe-haven currency and an arbitrage currency with good price, so that it is favored by international investors. We can learn much from the successful experience of the Japanese yen to promote the internationalization of RMB. We should give priority to the realization of free convertibility of RMB and then consider expanding the use of RMB in international transactions. We should build a highly developed domestic financial market and make it become one of the basic conditions for expanding the international trade of RMB. The stability of RMB value and exchange rate should be maintained to make it become an international asset preferred by international investors.