頁籤選單縮合
| 題 名 | 人民幣國際化與國際貨幣體系=RMB Internationalization and the International Monetary System |
|---|---|
| 作 者 | 鄭國漢; 陳祖旭; | 書刊名 | 澳門科技大學學報.人文社會科學版 |
| 卷 期 | 19:4 2025.12[民114.12] |
| 頁 次 | 頁1-10 |
| 分類號 | 561.18 |
| 關鍵詞 | 人民幣國際化; 國際貨幣體系; 美元霸權; 國際貨幣體系改革; RMB internationalization; International monetary system; US dollar's dominance; Reform of the international monetary system; |
| 語 文 | 中文(Chinese) |
| DOI | 10.58664/mustjournal.2025.12.001 |
| 中文摘要 | 2008 年金融危機爆發,令中國政府下定決心推動在國際貿易中盡量使用人民幣,避免在美元陷阱中越陷越深。隨著跨境貿易人民幣結算業務推出,標誌人民幣國際化正式踏上歷史舞臺。在人民幣國際化早期階段,爲更好地提升國際化程度,中國政府一度面臨著完全放開資本流動或保持資本管制以維護金融穩定重大決擇;經過慎重考慮後,中國最終確立人民幣國際化漸進式政策路綫。當前,人民幣國際化已經取得一定成果,人民幣在國際使用指數、外匯儲備佔比、國際支付佔比和全球貿易融資佔比等方面均有所提升,但與美元和歐元相比仍有較大差距。美元霸權加劇現存全球貨幣體系不穩定性、誘發發展中國家為應付不穩定性而積累大量外匯儲備令全球總需求出現通縮傾向、令發展中國家輸往發達國家商品價值超越它們從發達國家進口價值而造成國際資源分配不公等弊端。國際貨幣體系改革方案衆多,其中多極國際貨幣體系可行性相對較高。若形成由美元、人民幣、歐元等核心貨幣相互競爭多極貨幣體系,將使全球外匯儲備市場更穩定,降低全球總需求通縮傾向,令國際資源分配更加公平。目前人民幣國際化程度還是遠低於中國相對經濟實力及其國際貿易佔比,人民幣國際化任重道遠。隨著中國經濟發展,未來人民幣國際化程度有望大幅提升,促進多極國際貨幣體系形成。 |
| 英文摘要 | The 2008 financial crisis spurred China to promote the use of renminbi (RMB) in international transactions in order not to be trapped deeper in a US “dollar trap”. The launch of cross-border RMB trade settlement marked the start of RMB’s internationalization. Early on, China had to choose between fully liberalizing capital flows and maintaining capital control for the sake of financial stability. It opted for a gradualist policy approach. RMB internationalization has made progress, with gains in international usage, foreign exchange reserves, international payments, and global trade finance. Yet, it still lags way behind the US dollar and the Euro. The US dollar’s dominance has contributed to the existing monetary system’s drawbacks that include global currency instability, deflationary bias in global aggregate demand due to the accumulation of currency reserves by developing countries to deal with the instability, and inequality in the international allocation of resources in the sense that the value of exports from developing countries to developed countries exceeds that of their imports from developed countries. Among the various reform proposals for the international monetary system, more feasible would be a multi-polar system whose core currencies include the US dollar, RMB, and the Euro competing with each other. It would make the global currency market more stable, reduce the global aggregate demand’s negative bias, and make the international resource allocation more equitable. RMB internationalization still has a long way to go to match China's relative economic size and share of international trade. With China's economic growth, the extent of RMB internationalization may rise much further, thus contributing to the formation of a multi-polar international monetary system. |
本系統中英文摘要資訊取自各篇刊載內容。