东亚地区货币合作过渡阶段的基本构想——东亚地区汇率协调机制

East Asian Monetary Cooperation during the Transitional Period:A Basic Concept——The East Asian Exchange Rate Coordination Mechanism

东亚经济发展的历史和现实表明 ,目前各经济体间缺乏合作和协调的汇率制度安排已经明显地制约了区域经济的长远发展。以人民币和日元为货币锚的东亚汇率协调机制旨在通过协调东亚各经济体的汇率政策和其他宏观经济政策 ,在一定时期内将汇率波动维持在有利于各经济体经济稳定发展和促进区域经济一体化的合理水平上。由于区域内各经济体缺乏从地区整体利益出发、在互谅互让基础上进行合作与协调的历史与经验 ,决定了该地区在一定时期内只能建立较低层次的、松散型的货币合作机制 。

The history and reality of the economic development of East Asia clearly demonstrate that the lack of an institutional arrangement for the current exchange rate among different economies exerts great constraints on long term regional economic development .The proposed East Asian exchange rate coordination mechanism anchored on the Chinese RMB and the Japanese Yen aims to keep exchange rate fluctuations at a rational level,which will definitely help stabilize economic development and promote regional economic integration by coordinating the exchange rates and other macroeconomic policies of the East Asian economies .However,due to the lack of experience in cooperation on the basis of common regional interests and mutual understanding and mutual accommodation,the East Asian economies will have to build a low level and loose monetary cooperation mechanism in the current period,which may evolve into a high level integration in a progressive manner in the future .