全球经济再平衡与国际储备货币体系改革.docVIP

Reform of Global Reserve System: Prospects for Super-sovereign Currency (GUAN Tao, Balance of Payments Department, SAFE) The 2008 global financial crisis has highlighted weaknesses and inherent vulnerability of the existing global reserve system based on a single sovereign credit. Its reform is well warranted. Nevertheless, in the foreseeable future, proposals for super-sovereign currency will still be hard to be put into implementation. A more realistic path of reform is to have a multiple reserve currency system. Ⅰ. Problems in the Sovereign Credit Based System Under the Bretton Woods sys