推动中国资本市场实现战略转型的货币环境.docVIP

分论六 推动中国资本市场实现战略转型的货币环境： 人民币国际化 摘 要 中国资本市场完成战略转型后将成为国际上重要的投融资市场，而作为货币环境，人民币国际化是实现资本市场战略转型的必要条件之一。用人民币计价的多类金融资产将成为全球交易最活跃的资产，中国必须拥有此类资产的定价权。只有这样才能实现国内外价格体系的接轨，从而促进国内外市场的接轨，有利于资源的合理配置，改善产业结构和提高企业的竞争力。可以说，货币自由兑换是金融国际化的重要步骤，实现人民币的国际化则是促进中国成为未来全球金融中心的基本前提。本分论首先从理论角度出发，研究人民币国际化的成本收益以及所需条件，然后分析人民币国际化的进程，包括资本项目下的可兑换、人民币外汇市场与产品的创新，以及人民币成为国际储备货币的可行性分析。随后探讨了人民币国际化要求完善健全的金融体系作支撑，这就对央行的货币调控能力提出了更高的要求，同时还需要积极推进中介机构的国际化，完善市场监督体系。最后的小结总结了人民币国际化对中国资本市场战略转型的重要意义，并对人民币国际化的发展前景进行了展望。 Abstract After completing the strategic transformation, China capital market will become an important place for investing and financing. While as a monetary environment, the internationalization of RMB is a necessary condition for the transformation. Various kinds of financial assets denominated in RMB will be most actively traded in the global marktet and China must possesses the pricing power of these assets. Only in this way can we realize the alignment of foreign and domestic price systems so as to enhance the links between foreign and domestic markets, improve the allocation of resources, upgrade the industry structure and enhance the competitiveness of enterprises. The full convertibility of currency is an important step for the financial internationalization, while the internationalization of RMB is a basic prerequisite for China to emerge as a future international financial center. This topic studies the cost, benefit and necessary conditions of the internationalization of RMB from a theoretical perspective, and analyzes its course of development, including its convertibility under the capital account, RMB and foreign exchange market, product innovation and the feasibility analysis for RMB to become an international reserve currency. Meanwhile, we argue that the internationalization of RMB needs a safe and sound financial system, which raises a higher requirement to the central bank with respect to their ability to regulate and control the money supply. We still need to actively promote the