CAJ | 학술논문

任何一国主权信用货币在国际化过程中都会面临特里芬难题，而人民币国际化中的特里芬难题有其特殊性，如何破解这一难题值得我们深入考虑。文章从分析中国投资驱动、出口导向的增长模式入手，提出中国应尽快打破经济僵局和转变增长方式，让利率和汇率回归常态。更进一步地，文章认为中国应继续完善人民币的国际货币发行机制，同时较为稳步的推进资本项目可兑换。
임하일국주권신용화폐재국제화과정중도회면림특리분난제，이인민폐국제화중적특리분난제유기특수성，여하파해저일난제치득아문심입고필。문장종분석중국투자구동、출구도향적증장모식입수，제출중국응진쾌타파경제강국화전변증장방식，양리솔화회솔회귀상태。경진일보지，문장인위중국응계속완선인민폐적국제화폐발행궤제，동시교위은보적추진자본항목가태환。
Sovereign credit currency in any country will face the Triffin Dilemma in the process of international-ization,but the Triffin Dilemma in RMB internationalization has its particularity,so how to solve this problem is something worth further considering. Based on the analysis of China investment prospects and export orientation growth model,this paper shows that China should break the economic impasse and change the mode of growth as soon as possible and return the interest rates and exchange rates to normality. Further,China should continue to im-prove the mechanism of international currency issue,and steadily advancing the process of the convertibility of cap-ital account.