人民币国际化问题概论外文文献翻译.doc

人民币国际化外文文献翻译 (含：英文原文及中文译文) 文献出处：Eichengreen B, Kawai M. Issues for Renminbi Internationalization: An Overview[J]. ADBI Working Paper Series, 2014. 英文原文 Issues for Renminbi Internationalization: An Overview Barry Eichengreen; Masahiro Kawai Abstract This paper provides an overview of the potential international role of the renminbi (RMB). Reviewing the current state, the paper finds that much progress has been made on RMB settlements for trade involving the People’s Republic of China (PRC) and on RMB-denominated bond issuance in Hong Kong, China, but that RMB internationalization is still limited due to capital account controls. It argues that a high degree of RMB internationalization requires significant capital account liberalization, which in turn would call for greater exchange rate flexibility so that the central bank can enjoy monetary policy autonomy. This, however, would pose a challenge for PRC authorities as hasty capital account liberalization could expose its financial markets to the risk of crisis. The paper also emphasizes the importance of institutional reforms to make the RMB a truly international reserve currency. Keywords: renminbi, yuan, international monetary policy, currency internationalization, foreign exchange, capital account liberalization, financial market 1. INTRODUCTION Internationalization of the renminbi (RMB) is one of the more contentious and widely debated aspects of economic reform in the People’ s Republic of China (PRC). Wider use of the RMB in international transactions, both commercial and financial transactions and those undertaken by central banks and other official institutions, can be understood as a natural response to the growing weight of PRC trade and investment flows in the world economy. At the same time, top PRC officials have declared repeatedly currency internationalization to be a stated goal of policy, while the People’s Bank of China and other government agencies have pursued a variety of initiatives designed t