“池”的意义:人民币国际地位提升中的债券市场

The Role of the Bond Market in RMB Internationalization

回溯英镑和美元在国际货币体系中的地位,可以发现其身后均具有极富广度深度而且非常强大的在岸债券市场。在英镑击败法郎、美元取代英镑的过程中,英国和美国国内的债券市场均发挥了决定性的作用。在提升人民币国际地位的过程中,同样离不开在岸债券市场的发展,特别是为了保证人民币内在价值、人民币汇率的稳定性以及防范资本项目开放过程中资本流动的风险,健全完善极富广度和深度的在岸债券市场极为重要。

The prominent position of British Pound Sterling and US Dollars in the international monetary system is supported by well-developed onshore bond markets. Their strong domestic bond market played a decisive role in the battle between the pound and the French Franc, and when the dollar took over from the pound the role of dominant currency. From the experience of both countries, we can see that the internationalization of yuan also depends on the development of China's onshore market. Promoting the depth and breadth of the onshore market is vital for ensuring the intrinsic value of yuan, the stability of its exchange rate and guarding against the risks associated capital flows in the liberalization of the capital account.