如何推动货币国际使用:国际经验与启示

How to Promote the International Use of Money:International Experience and Insights

尽管货币国际化是一个市场选择的过程,但政府政策在这一过程中也发挥着重要作用。全球金融危机爆发后,美联储通过与其他经济体央行建立货币互换安排,来解决国际市场美元流动性不足问题,极大维护了美元在国际货币体系中的核心地位。欧盟认为当前的欧元地位与其经济地位并不相符,从促进欧洲金融部门深化、扩大欧元在国际金融部门以及关键战略性部门的使用等角度推出了一系列提升欧元国际地位的举措。新兴经济体也在本币贸易结算和发展本币债券市场方面努力推动本币的国际使用。这些维护和促进货币国际地位以及推动本币国际使用的经验,都为人民币国际化提供了可以借鉴的启示:积极推动人民币货币互换网络的发展;积极推动人民币国际大宗商品定价与结算;进一步增强人民币资产的吸引力;通过"一带一路"倡议促进人民币国际化;等等。

Although currency internationalisation is a process of market choice, government policies also play a crucial role in the process. After the outbreak of the global financial crisis, the Federal Reserve established currency swap arrangements with the central banks of other economies to address the lack of liquidity of the US dollar in the international market, which greatly maintained its central position in the international monetary system. The European Union, believing that the current status of the euro is not commensurate with its economic position, has launched a series of initiatives to enhance the international status of the euro from the perspective of promoting the deepening of the European financial sector and expanding the use of the euro in the international financial sector as well as in key strategic sectors. Emerging economies have also made efforts to promote the international use of their currencies in the context of local currency trade settlements and the development of local currency bond markets. These experiences in maintaining and promoting the international status of currencies and advancing the international use of local currencies can provide lessons for the internationalisation of RMB. To further promote the internationalisation of RMB, we should actively promote the development of RMB currency swap network as well as the international pricing and settlement of RMB commodities, further enhance the attractiveness of RMB assets, and advance the internationalisation of RMB through the"One Belt, One Road"initiative.