· Liberalizing interest rates. This reform is less achievable in the near term. Without well-developed capital markets, there is no realistic way to establish true market-driven interest rates in China. Controlled rates will likely continue as long as the government continues to use its state banks as quasi-fiscal instruments to channel resources, while neglecting the need to strengthen its fiscal system for this purpose.
──利率自由化。
这方面改革在短时间内的实现难度更大。没有发达的资本市场,在中国形成真正由市场驱动的利率就找不到切合实际的途径。只要政府继续把国有银行当作准财政工具来分配资源、忽视加强财政系统对于资源分配的必要性,那么利率管制就有可能继续存在下去。
These initiatives will take time and energy. For the time being, Beijing should focus more on these individual reforms and worry less about internationalizing the yuan as a longer-term objective. There is one area, though, where some experiments in promoting yuan usage could generate near-term benefits and offer lessons for the future. And that's regional trade.
这些行动将耗费时间和精力。暂时来看,北京应该多注重这些一项一项的改革,少关注人民币国际化的长远目标。不过在接下来要说的一个领域里面,人民币国际化的某些实验可以带来一些短期利益,同时为将来提供一些经验。这个领域就是区域贸易。
【人民币国际化的深层原因】相关文章:
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15