掌控國(guó)際貨幣，就等于掌握了世界經(jīng)濟(jì)的流動(dòng)性控制權(quán)。長(zhǎng)久以來(lái)，美元都是主要的國(guó)際貨幣，美國(guó)從美元幣值的起伏中獲得巨大好處2008年金融危機(jī)以后，美元大幅貶值，降低了美國(guó)的債務(wù)負(fù)擔(dān)，但卻導(dǎo)致很多國(guó)家的外匯儲(chǔ)備價(jià)值嚴(yán)重縮水。

　　近兩年，在全球經(jīng)濟(jì)低迷、亟需開展宏觀經(jīng)濟(jì)政策國(guó)際合作的背景下，美國(guó)不顧國(guó)際社會(huì)反對(duì)，通過加息的辦法引導(dǎo)資金回流美國(guó)，導(dǎo)致很多新興經(jīng)濟(jì)體國(guó)家資本流動(dòng)逆轉(zhuǎn)，極大地增加了經(jīng)濟(jì)困難和風(fēng)險(xiǎn)，也給全球經(jīng)濟(jì)帶來(lái)了嚴(yán)重困難。作為重要的國(guó)際儲(chǔ)備貨幣，美元始終面臨著“特里芬難題”，在追求國(guó)家利益和承擔(dān)國(guó)際責(zé)任上難以兩全。

　　對(duì)中國(guó)來(lái)講，加快推動(dòng)人民幣國(guó)際化，防止因美元波動(dòng)而給本國(guó)貿(mào)易、經(jīng)濟(jì)發(fā)展帶來(lái)過大影響，具有十分重要的意義。

　　一方面人民幣國(guó)際化有利于中國(guó)對(duì)外貿(mào)易和經(jīng)濟(jì)發(fā)展，但另一方面，也有利于形成競(jìng)爭(zhēng)壓力，形成多元的國(guó)際儲(chǔ)備貨幣格局，從而有利于保持國(guó)際金融穩(wěn)定，促進(jìn)全球貿(mào)易開展和經(jīng)濟(jì)發(fā)展。

　　首先，人民幣國(guó)際化可以增強(qiáng)中國(guó)對(duì)世界經(jīng)濟(jì)的影響力，提升中國(guó)的國(guó)際地位。人民幣成為國(guó)際貨幣之后，中國(guó)就擁有了一種世界貨幣的發(fā)行和調(diào)節(jié)權(quán)，對(duì)全球經(jīng)濟(jì)的影響和發(fā)言權(quán)自然增加，同時(shí)也能夠改變?cè)趪?guó)際貨幣體系中被支配的地位，減少國(guó)際貨幣體制對(duì)中國(guó)的不利影響。

　　其次，人民幣國(guó)際化可以降低匯率風(fēng)險(xiǎn)，促進(jìn)中國(guó)國(guó)際貿(mào)易和投資的發(fā)展。人民幣國(guó)際化意味著更多的對(duì)外貿(mào)易和金融交易將由人民幣計(jì)價(jià)結(jié)算，擁有主權(quán)貨幣的中國(guó)企業(yè)和投資者面對(duì)匯率風(fēng)險(xiǎn)敞口就會(huì)縮小。而外貿(mào)企業(yè)持有的大量外幣債券和債務(wù)，將較少受到匯價(jià)波動(dòng)帶來(lái)的巨大風(fēng)險(xiǎn)。

　　再次，人民幣國(guó)際化有利于促進(jìn)邊境貿(mào)易。邊境貿(mào)易和旅游等發(fā)生的人民幣跨境流動(dòng)，推動(dòng)了雙邊貿(mào)易往來(lái)，加快了邊境地區(qū)的經(jīng)濟(jì)發(fā)展。而貿(mào)易發(fā)展帶來(lái)的資源互利，對(duì)于中國(guó)短缺資源的補(bǔ)充和緩解市場(chǎng)供應(yīng)過剩有很大的好處。

　　最好，人民幣國(guó)際化可以讓中國(guó)獲得國(guó)際鑄幣稅收入。鑄幣稅是指發(fā)行者憑借發(fā)行貨幣的特權(quán)所獲得的紙幣發(fā)行面額與紙幣發(fā)行成本之間的差額。發(fā)行世界貨幣則相當(dāng)于從別國(guó)征收鑄幣稅，這種收益基本是無(wú)成本的。

　　不過，相比于國(guó)內(nèi)貨幣所具有的計(jì)價(jià)單位、支付手段和價(jià)值儲(chǔ)藏功能，成為國(guó)際貨幣體系則相對(duì)更加復(fù)雜。人民幣想要國(guó)際上通用，必須具備幾個(gè)要素。

　　一、需要有相匹配的國(guó)際政治經(jīng)濟(jì)軍事地位。世界經(jīng)濟(jì)金融的歷史表明，最強(qiáng)大的國(guó)家往往才能提供最強(qiáng)硬的貨幣。美元、歐元、日元等能夠成為國(guó)際貨幣，就是因?yàn)槊绹?guó)、歐盟、日本的強(qiáng)大的政治經(jīng)濟(jì)和軍事實(shí)力，以及由此帶來(lái)的高國(guó)際信用。

　　二、必須讓人們對(duì)人民幣的價(jià)值有信心，因而對(duì)中國(guó)的通貨膨脹情況予以信任。高而變化無(wú)常的通貨膨脹會(huì)造成名義匯率的貶值和不穩(wěn)定。

　　三、中國(guó)必須建立一個(gè)開放的、具有一定深度和廣度的國(guó)內(nèi)金融市場(chǎng)。比如，健全的銀行承兌市場(chǎng)，會(huì)有利于擴(kuò)大以人民幣提供資金的貿(mào)易額，進(jìn)而使得在貿(mào)易中用人民幣計(jì)價(jià)。又比如，活躍的短期證券市場(chǎng)，有利于增加外國(guó)買家對(duì)于人民幣的需求。

　　四、擁有大量的國(guó)際出口貿(mào)易份額，用人民幣標(biāo)價(jià)的出口品范圍大，那么外國(guó)買家為了支付進(jìn)口貿(mào)易，就會(huì)需要更多的人民幣。

　　但是人民幣國(guó)際化道路上也是障礙重重，最大的問題便是人民幣國(guó)際流通量增長(zhǎng)不足。雖說(shuō)在東南亞許多國(guó)家，人民幣已經(jīng)成為了硬通貨之一，可是來(lái)自美國(guó)等各方的壓力也使得人民幣流通量的增長(zhǎng)進(jìn)展緩慢。與韓國(guó)、英國(guó)、南非等各國(guó)貨幣的直接交易協(xié)議達(dá)成，將是一條路。而更多其他道路需要被開發(fā)，來(lái)解決這個(gè)棘手的問題。

　　為實(shí)現(xiàn)人民幣國(guó)際化，需要大力鼓勵(lì)和推動(dòng)外貿(mào)企業(yè)與境外貿(mào)易伙伴以人民幣結(jié)算，同時(shí)也需要不斷擴(kuò)大以人民幣計(jì)價(jià)的金融資產(chǎn)的規(guī)模以及交易水平，盡快在境外形成能夠與歐元證券和美元證券抗衡的人民幣金融市場(chǎng)。（作者：美國(guó)BZM創(chuàng)新科技CEO 王英捷）

　　英文版:

　　The status of world currency equals to the control over the liquidity of world economy. For a long period of time, US dollar has been the major world currency and has benefited significantly from the ups and downs of its value. The dollar was depreciated sharply in the aftermath of the 2008 Crisis, which eased US’s debt burden while on the other hand, leading to a slump in the value of foreign reserves of many other countries.  

　　The past two years have witnessed a global economic downturn and a growing demand for coordination of macro economic policies across the globe. Even so, the Federal Reserve has, regardless of the objection from international society, decided to raise its interest rate in order to draw capital back to the country. Such decision has caused shortage of capital in emerging economies, introducing greater economic predicament and risk to these countries as well as the across the globe. With its currency as an important international reserve currency, United States has long been struggling with the “Triffin Dilemma”, striving hard to maintain the the delicate balance between its international liability and national interest.

　　For China, accelerating the internationalization of Renminbi is of great significance and will help to minimize the impact on its trade and economic development from the fluctuation of the US dollar.

　　One on hand, the internationalization of Renminbi will be beneficial to China’s trade and economic development. On the other hand, it is likely to exert pressure on a positive currency competition, leading to a diverse formation of international reserve currency that will contribute to the stability of international finance and promote global trade and economic development. 

　　Firstly, the internationalization of Renminbi can expand China’s influence on world economy and promote China’ s international status. China will obtain the right of issuance and control of a world currency and is likely to have a greater say and impact on global economic issues. Moreover, its role of being dominated in international currency system can be optimized and therefore reducing the negative impact of the system.

　　Secondly, the internationalization of Renminbi can reduce currency rate risk and therefore promote China’ s trade and investment development. More trade and financial transaction will be denominated in Renminbi, which can effectively reduce the risk borne by Chinese companies and investors. As for those Chinese enterprises dealing in foreign trade, the foreign bond and liabilities they are holding are less likely to be influenced by currency rate fluctuation.

　　Furthermore, the internationalization of Renminbi will be beneficial to border trade. The cross-border movement of Renminbi brought about by border trade, tourism, etc. will promote bilateral trade and the economic development of the border regions. The exchange of resources as a result of such trade will be a good supplement to China’s resource shortage as well as an effective way out for its excess production capacity.

　　Lastly, the internationalization of Renminbi will bring China Seigneur revenues. Such revenue refers to price gap between the cost and the issuing denomination of the note. By issuing world currency, China will be essentially collecting Seigneur from other countries at a cost of almost zero.

　　However, compared with the role of a currency within its home country, the international currency system is more complicated. In order to flow freely across the globe, Renminbi has several criteria to meet.

　　1) A well-matched international political, economic and military status of the home country. The history of international finance has shown the strong connection between the power of a country and its currency. The national power of US, the EU and Japan are what have made the Dollar,Euro and Yen as they are today. Their national power have brought their currency worldwide credibility.

　　2) Confidence in Renminbi. Confidence in Renminbi is closely related to confidence in the management of currency inflation. High and unpredictable inflation rate will result in the instability and depreciation of nominal exchange rate.

　　3) A more open and comprehensive domestic financial market. For example, a sound banker’s acceptance bill market will help to expand the trade denominated in Renminbi; a vibrant short-term bond market will increase foreign investors demand for Renminbi.

　　4) A greater share of global trade. With a growing export from China denominated in Renminbi, foreign buyers will be encouraged to access more Renminbi in order to pay for the import.

　　Still, hurdles prevail in the road toward Renminbi’s internationalization and a shortage of growth of the Renminbi in international circulation is currently the greatest challenge. Even though Renminbi has become a major currency in many southeast Asian countries, it is constantly confronting the pressure from the United States and has been experiencing a slow growth rate. To strike deal with South Korea, UK, South Africa, etc on bilateral currency exchange will be one of the workable solutions. However, more creative solutions are needed.   

　　To make Renminbi an international currency, great effort is demanded to encourage foreign trade enterprises to settle their deals in Renminbi, to expand the scale of financial assets and transactions denominated in Renminbi and to establish a overseas Renminbi financial market that is comparable to that of the EURO bonds and Dollar bonds.(About the author: Wendy Wang is the CEO of BZM Innovation Technology, Inc.，a Fin-tech company based in New York with business in investment and the payment industry.)