反向货币替代——人民币国际化进程中的考验与政策选择

发布时间：2019-06-08 10:42

【摘要】：同货币替代一样,反向货币替代也是开放经济下的一种货币性扰动,随着我国经济的高速增长以及人民币强烈的升值预期,中国出现了本币替代外币的反向货币替代现象。考察我国的反向货币替代现象,除了可以从货币替代的变化程度来看以外,还可以从我国企业和家庭的外币存款、央行的外汇占款、银行代客结售汇以及人民币周边化等方面进行分析。反向货币替代现象对中国经济的影响有其有利的一面,同时也有对中国目前的汇率制度和汇率水平带来冲击、妨碍货币政策的独立性并影响货币政策对宏观经济的效用等不利的一面。这就需要我国在推进人民币国际化的进程中,积极利用其促进人民币国际化的积极因素,同时又要防范反向货币替代的负面效应,以最大化人民币国际化的利益。
[Abstract]:Like currency substitution, reverse currency substitution is also a kind of monetary disturbance in open economy. With the rapid economic growth of our country and the strong appreciation expectation of RMB, China has appeared the reverse currency substitution phenomenon of local currency instead of foreign currency. To investigate the phenomenon of reverse currency substitution in China, we can not only look at the degree of change of currency substitution, but also from the foreign currency deposits of Chinese enterprises and households, and the foreign exchange occupation of the central bank. Bank settlement and sale of foreign exchange on behalf of customers and RMB perimeter analysis. The effect of reverse currency substitution on China's economy has its advantages, and it also has an impact on China's current exchange rate system and exchange rate level. Hinder the independence of monetary policy and affect the effectiveness of monetary policy on the macroeconomic side and so on. This requires our country to make active use of its positive factors to promote RMB internationalization in the process of promoting RMB internationalization, and at the same time to prevent the negative effects of reverse currency substitution in order to maximize the interests of RMB internationalization.
【作者单位】：江苏科技大学经济管理学院;苏州大学;
【基金】：教育部人文社会科学研究青年基金资助项目(10YJC790007) 江苏省普通高校研究生科研创新计划资助项目(CX09B_029R) 江苏省教育厅高等学校哲学社会科学基金资助项目(09SJD790017)
【分类号】：F832.6

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