人民币国际化与央行角色:基于货币政策有效性视角的分析

Internationalization of the Renminbi and the Role of the Central Bank:An Analysis from the Perspective of the Effectiveness of Monetary Policies

与现有货币国际化理论预期以及德国和日本的货币国际化实践不同,“政府力量”在人民币国际化过程中发挥着核心作用。结合中国特殊的政治经济背景,形成这一差异现象的原因在于,有管理的汇率制度和基于国内利率层面的金融抑制政策是限制中国央行货币政策有效性提升的两大障碍,推进人民币国际化需要以更加灵活的汇率制度和利率自由化为政策前提,从而能够有效提升中国央行货币政策的有效性。中国央行积极推进人民币国际化遵循着“人民币国际化→国内金融体系市场化改革→货币政策有效提升”的政策逻辑。与此同时,人民币国际化政策并未给国内经济部门带来净损失,从而为中国政府认可并落实推进人民币国际化政策提供了重要条件。

Different from the existing international theoretical expectation and the practice of German and Japanese currency internationalization,"government power"plays a central role in the internationalization process of the Renminbi.In the light of China's special political and economic background,the reason for this difference is that the managed exchange rate system and the financial restraint policy based on the domestic interest rate level are two major obstacles to the improvement of the monetary policy effectiveness of the People's Bank of China.More flexible exchange systems and interest rate liberalization are needed to promote the Renminbi internationalization and improve the effectiveness of the monetary policies issued by the People's Bank of China.This bank actively promotes internationalization of the Renminbi in line with the policy logic from"internationalization of the Renminbi to market-oriented reform of the domestic financial system and then to effective enhancement of monetary policies".At the same time,the policies of the Renminbi internationalization have not incurred any net loss to the domestic economic sector,thus providing important conditions for the Chinese government to put in place the policies of the Renminbi internationalization.