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人民币国际化路径设计及政策建议
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摘要
货币是国家主权的象征,货币国际化是一国经济发展水平、国际贸易地位、国际金融竞争力以及世界政治经济格局中影响力的集中体现,是一个国家崛起的重要标志。从历史经验上看,强势的经济体必然会造就强势货币,英镑、美元、欧元、日元都是依靠其国内强大的经济实力作后盾,最终成为国际货币的。改革开放以来,中国的经济实力不断壮大,综合国力不断增强,国际地位日益上升,中国已成为世界政治经济多极化格局中不可或缺的一支重要力量,人民币国际化已有了坚实的物质基础。
     目前,人民币在中国与周边国家的边境贸易中已经被普遍用作支付和结算的硬通货,许多周边国家政府也默认了人民币的流通。在蒙古,人民币已经成为当地居民投资、保值的重要币种,被称作“第二美元”;马来西亚、韩国、菲律宾、白俄罗斯等国的中央银行心将人民币作为其官方储备货币的币种之一;印度储备银行也调整了汇率指数,将人民币纳入了一篮子货币之中。此外,中国已经与俄罗斯、蒙古、越南、缅甸等国签订了自主选择双边货币结算协议;而且和韩国、香港、马来西亚、白俄罗斯、印度尼西亚和阿根廷等国签署了双边本币互换协议,这也反映出目前亚洲国家对人民币的信心较强。相信随着中国经济实力的不断壮大和人民币国际地位的逐步提高,人民币必将最终完成国际化。因此,客观考察现阶段人民币的国际化程度;认真研究货币国际化的理论基础、国际经验;尤其是积极探索符合中国具体国情的人民币国际化路径及推进策略,心成为一个十分重要的研究课题。
     本文共分5章,各章的思路及主要内容如下:
     第一章梳理了货币国际化的主要理论及相关文献,先是对威廉·配第、亚当·斯密、马克思和萨伊等人的货币国际化思想进行了阐述,然后对弗里德曼的浮动汇率理论、蒙代尔的最优货币区理论、切提的货币替代理论进行了总结,最后对人民币国际化的相关文献进行了述评,为人民币国际化路径的研究提供了理论基础。
     第二章对人民币国际化路径的发展现状进行了考察。本章首先从人民币国际使用范围路径考察了人民币周边化、亚洲化和国际化的现状。其次,从人民币国际货币职能路径对人民币结算、计价货币职能,人民币投资货币职能和人民币储备货币职能进行了考察。得出结论:人民币目前处于国际化的初级阶段。
     第三章从历史的角度对英镑、美元、欧元和日元国际化的发展路径进行了回顾,归纳出英镑、美元、欧元和日元的国际化演化路径的特点,最后总结出世界主要货币国际化路径对人民币国际化路径的启示,为人民币国际化的路径设计提供了历史借鉴。
     第四章是本论文研究的核心内容,对人民币国际化路径进行了设计。在这一章,首先对货币国际化内在基础和外在条件的共性进行分析。文章认为:货币国际化的内在基础基本相同,如国民经济占世界经济的比重较大、对外贸易全球地位较高及外汇储备规模较大等;货币国际化的外在条件基本相似,如本国的国际地位较高以及国际环境提供的历史机遇等。然后,对人民币国际化的特殊性进行分析,指出中国经济发展本身存在特殊性,因此,人民币国际化路径与世界主要货币国际化路径比较也必然存在特殊性。最后,笔者提出了人民币国际化路径设计的基本原则和设计思路,并在此基础上,设计出了一条配有保障措施的人民币国际化路径。
     第五章,为加速人民币国际化的早日实现,文章首先提出了人民币国际化路径的推进措施:(1)积极与目标国家签订人民币货币互换协议;(2)简化人民币跨境结算审核流程;(3)争取国际大宗商品人民币计价权;(4)适时推出跨境人民币贷款业务;(5)大力发展人民币计价债券;(6)规划人民币对外直接投资布局;(7)建立人民币离岸金融中心;(8)加速人民币汇率形成机制和利率市场化改革;(9)逐步实现资本项目可自由兑换。最后,提出了笔者关于人民币国际化路径的战略思考。一是必须巩固人民币国际化的政治经济基础;二是必须继续保持对外贸易领先地位;三是必须打造人民币的国际投资基础;四是必须实现金融强国梦想,这是实现人民币国际化路径的关键。
Currency is the symbol of national sovereignty. Currency internationalization is the concentrated reflection of a country's level of economic development, the status of international trade, competitiveness of international finance, and influence in the world political and economic situation. It is an important sign of a nation's rise as well. From historical experience point of view, a strong economy inevitably brings a strong currency. Pound sterling, US dollar, Euro, and Japanese yen, by virtue of their strong domestic economic strength, are eventually becoming an international currency. Since the opening-up reform, China's economy has developed rapidly, China's comprehensive national power has been enhanced, China's international status has been rising, and China has become an important integral part of a multi-polar economy and political world. Now the continuous growth of economy in China is setting a solid material foundation for the internationalization of RMB.
     In fact, in the border trade between China and neighboring countries, RMB has been widely used as a hard currency for payment and settlement. Many governments of the neighboring countries have acquiesced in the circulation of RMB. In Mongolia, RMB has even been called the "second dollar", and became an important currency hedge for local residents. RMB has been used as a reserve currency by Central Bank of Malaysia, Central Bank of South Korea, Central Bank of the Philippine, Central Bank of Belarus and other countries'. Reserve Bank of India also adjusted the exchange rate index, and included RMB in the basket of currencies. Moreover, China has signed bilateral settlement agreements to choose currency with Russia, Mongolia, Vietnam, Myanmar and other countries, In addition, China and Korea, Hongkong, Malaysia, Belarus, Indonesia, Agentina signed a bilateral currency settlement agreement respectively, which reflects that current Asian countries have strong confidence in RMB. With the growth of the China's economy and the improvement of international status of RMB, RMB will gradually become a world currency. Thus, from the promotion of China's economic reform and development, and the improvement of China's international status, it has become a very important research topic for China to review objectively the extent of RMB internationalization, to study carefully the theoretical base of currency internationalization and international experiences of currency internationalization, especially to explore actively the RMB internationalization path based on China's specific national conditions and characteristics.
     This article is divided into five chapters, and the main contents are as follows:
     The first chapter reviews the main theories of currency internationalization and related literatures, First, this paper elaborates the thoughts of international currency from William Petty, Adam Smith, Karl Marx to Jean Say. Then, Friedman's theory of floating exchange rates, Mundell's theory of optimum currency areas, and Chetty's currency substitution theory are summarized. Finally, the relevant literatures of RMB internationalization are reviewed so as to provide a theoretical basis to study RMB internationalization path.
     The second chapter investigates the current situation of the RMB internationalization path. First, from the scope of the use of RMB, this part shows the current situation of RMB's circulations in the peripheral countries, Asianization and internationalization. Secondly, from the international monetary functional path of RMB, this part reviews the settlement and denominated monetary functions of RMB, investment monetary functions of RMB, reserve monetary functions of RMB. So the following conclusion can be drawn that RMB is currently in the early stages of internationalization.
     The third chapter recalls the internationalization path of Pound sterling, US dollar, Euro and Janpanese yen from the perspective of history, summarizes the major world currencies internationalization path, and acquires enlightenment to study RMB internationalization path, so as to provide a historical reference to design the path of RMB internationalization.
     The fourth chapter is the core of the thesis, which is to design the path of RMB internationalization. First, the internal basis and external conditions of currency internationalization is analyzed. This paper suggests that the inner basis of currency internationalization is the same, such as that the national economy accounts for a large proportion of the world economy, foreign trade occupies a higher global status and the scale of foreign exchange reserve is huge, while the external conditions of monetary internationalization is similar, such as a higher international status and a good historic opportunity provided by international environment. And then, this part analyzes the particularity of RMB and points out that China's economic development has its particularity, so compared with the world's major currency internationalization path, RMB internationalization path also exists particularity. Finally, the author puts forward the basic principles and design thinking of RMB internationalization path, and accordingly designs a path of RMB internationalization with equipped countermeasures.
     The fifth chapter puts forward the measures of promoting RMB internationalization path in order to accelerate the internationalization of the RMB as soon as possible:(1) to sign actively RMB currency swap agreements with target countries;(2) to simplify cross-border RMB settlement audit process;(3) to fight for the rights of international commodities denominated in RMB;(4) to launch timely cross-border RMB loan business;(5) to develop RMB-denominated bonds;(6) to plan the layout of RMB overseas direct investment;(7) to establish RMB offshore financial center;(8) to accelerate the formation mechanism of RMB exchange rate and interest rate marketization reform;(9) to achieve capital account convertibility gradually. Then, the author puts forward the strategic thinking about RMB internationalization path:(1) the political and economic basis of RMB internationalization should be consolidated;(2) the leading position of foreign trade should be maintained;(3) the basis of RMB's international investment should be built;(4) a developed financial market should be established, which is the key to realize the internationalization path of RMB.
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