人民币国际化进程中的东亚金融一体化konradadenauerstiftung.pdf

East and South East Asian Financial Integration in the Process of RMB Internationalisation Shi Shijun Shi Shijun KAS-Schriftenreihe CHINA No. 103 (ch) Shanghai 2012 Publisher Shanghai Project Office of the Konrad-Adenauer-Stiftung in the PRC Room 1806, Overseas Chinese Mansion No.129, Yanan Xi Road, Shanghai 200040 Tel.: 0086 21 6249 8511 Fax: 0086 21 6249 4549 E-mail: shanghai@kas.de Webpage: www.kas.de/china Person responsible: Dr. Peter Hefele, Director KAS Shanghai The content of this publication does not necessarily reflect the opinion or position of the Konrad-Adenauer-Stiftung. 发行: 德国阿登纳基金会上海办公室 地址: 上海市延安西路 129 号华侨大厦 1806 室 邮编: 200040 电话: 0086 21 6249 8511 传真: 0086 21 6249 4549 E-Mail: shanghai@kas.de 主页: www.kas.de/china 主编: 何彼得博士，德国阿登纳基金会上海办公室主任 文章内容仅代表笔者之观点，与阿登纳基金会立场无关。 阿登纳基金会研究项目 人民币国际化进程中的东亚金融一体化 石士钧 史龙祥 张帆 2012 年 4 月 3 Foreword The Asian financial crisis of 1997, which severly hit most of the countries in East and South East Asia, and the policy ma- nagement to overcome the crisis, has caused a lot of criti- cism on the established world financial and currency order in the region. Since then and due to these experiences several concepts have been developed towards a greater regional in- tegration of monetary policies and more effective financial stabilization mechanisms. At the same time and as a result of China’s economic and po- litical rise the still not freely convertible Renminbi (RMB) has made remarkable steps towards becoming a regional (and to a lesser extent global) trade currency and as a possible fu- ture reserve currency. This de