主权货币国际化的演变轨迹与人民币国际化路径——基于马克思货币理论的分析

The Evolution of Sovereign Currency Internationalization and the Path of RMB Internationalization:An Analysis based on Marx′s Monetary Theory

对主权货币充当国际本位货币的历史脉络进行梳理,无论是贵金属时代还是信用货币时代,主权货币成为国际本位货币都会面临“特里芬两难”的矛盾,这种内生制度矛盾是由主权货币的本币属性与充当国际本位币的公共属性不一致所导致的。马克思主义货币理论的分析表明价值和使用价值的统一决定了货币源自商品,而缺乏价值的信用货币国际化必须建立在本国较强的政治影响力和经济实力基础之上,通过国家信用的“背书”才能在世界市场行使货币职能,这也是信用货币充当国际本位币在机制设计上所固有的内在缺陷。因此,人民币国际化的目标应立足在国际市场上的计价、支付和结算功能,淡化人民币成为国际储备货币的功能,并结合我国“一带一路”倡议的实施以及我国所处的国际国内经济金融形势,实施切实可行的人民币国际化战略路径。

This paper combs the historical context of sovereign currency as the international standard currency.Whether it is the precious metal era or the credit currency era,sovereign currency will face the contradiction of“Triffin Dilemma”when it becomes the international standard currency.This endogenous institutional contradiction is caused by the inconsistency between the local currency attribute of sovereign currency and the public attribute of international standard currency.The analysis of Marxist monetary theory shows that the unity of value and use value determines that money comes from commodities,and credit currency internationalization lacking value must be based on its strong political influence and economic strength.Only through the“endorsement”of national credit can we perform the monetary function in the world market,which is also the inherent defect in the mechanism design of credit currency acting as the international standard currency.Therefore,the goal of RMB internationalization should be based on the pricing,payment and settlement functions of the international market,and weaken the function of RMB as an international reserve currency.Based on the implementation of the“Belt and Road”strategy and the international and domestic economic and financial situation in China,we will implement a feasible strategy for RMB internationalization.