如此一来,决策者还将不得不放弃对货币政策的部分控制,因为保持人民币作为全球货币的币值和实用性的压力可能与国内需求相矛盾。在历史上,国际货币需要通过保持庞大预算赤字或经常项目赤字来扩大其在国外的供应,而这两种做法都是北京方面十分厌恶的。这些代价在一定程度上解释了日本和德国过去为何双双反对将自己的货币国际化。
So why is China considering it? Some suggest that higher seigniorage -- the profit made by selling one's currency -- as well as the benefit of pricing imports in your own currency (and avoiding balance-of-payments crises) is attractive to China. But China has vehemently criticized the U.S. in the past for taking advantage of this 'exorbitant privilege.'
那么,中国为何要考虑人民币国际化?一些人认为,更高的铸币税(发行本国货币获得的利益)和以本国货币为进口商品定价(并避免国际收支危机)的好处对中国具有吸引力。但中国曾经激烈抨击美国利用这种“过分的特权。
Others have suggested that the push to internationalize the yuan is a form of 'reform by Trojan horse.' To wit, China's reformers see currency internationalization not as an end goal, but as a pretext to push for more market reforms. There is logic in this argument, since internationalization demands improving China's rudimentary financial markets and gutting its capital controls.
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