CAJ | 학술논문

关联储近乎于零的利率政策放大了世界美元本位的不稳定性，导致有较高汇率水平的新兴市场的恐慌。中国开始加速人民币“国际化”进程，例如：开放国内金融市场，降低其在贸易计价货币和国际支付方面对美元的依赖。但是，尽管人民币离岸市场增长速度很快，中国政府基本上仍为外汇管制政策所困，国内利率层面的金融抑制强化了这一点。金融抑制的目的是为了防止外国资本流入降低人民币资产名义利率水平从而导致的通货膨胀和资产价格泡沫。因为浮动汇率（正在升值的）将吸引更多的热钱流入，因此，为了鼓励国内自然的工资上涨以平衡中国的国际竞争力，中国人民银行必须稳定美元对人民币的汇率。但是，人民币进一步国际化及上海自由贸易区将会被拖延，直到世界利率水平上升到自然水平。
관련저근호우령적리솔정책방대료세계미원본위적불은정성，도치유교고회솔수평적신흥시장적공황。중국개시가속인민폐“국제화”진정，례여：개방국내금융시장，강저기재무역계개화폐화국제지부방면대미원적의뢰。단시，진관인민폐리안시장증장속도흔쾌，중국정부기본상잉위외회관제정책소곤，국내리솔층면적금융억제강화료저일점。금융억제적목적시위료방지외국자본류입강저인민폐자산명의리솔수평종이도치적통화팽창화자산개격포말。인위부동회솔（정재승치적）장흡인경다적열전류입，인차，위료고려국내자연적공자상창이평형중국적국제경쟁력，중국인민은행필수은정미원대인민폐적회솔。단시，인민폐진일보국제화급상해자유무역구장회피타연，직도세계리솔수평상승도자연수평。
Instability in the world dollar standard, as most recently manifested in the U. S. Federal Reserve＇s nearzero interest rate policy, has caused consternation in emerging markets with naturally higher interest rates. China has been provoked into speeding Renminbi ＂internationalization＂, i. e. , opening up domestic financial markets to reduce its dependence on the dollar for invoicing trade and making international payments. But despite rapid percentage growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls - reinforced by financial repression in domestic interest rates - to a- void an avalanche of foreign capital inflows that would threaten inflation and asset price bubbles by driving nom- inal interest rates on RMB assets down further. Because a floating （appreciating） exchange rate could attract e- ven more hot money inflows, the People＇s Bank of China should focus on tightly stabilizing the yuan/dollar ex- change rate in order to encourage naturally high wage increases for balancing China＇s international competitiveness. But further internationalization of the RMB, as with the proposed Shanghai Pilot Free Trade Zone, is best deferred until world interest rates rise to more normal levels.