金砖国家推动本币国际化：中国经验与合作策略

内容简介

金砖五国的六家智库（中国社会科学院世界经济与政治研究所、俄罗斯战略研究所、印度观察家基金会、印度国家公共财政与政策研究所、巴西应用经济研究所和南非人类科学研究委员会）从2016年下半年启动了一项联合研究——“推动金砖国家货币的国际结算”，本报告即是该项联合研究的中方研究成果。通过金砖国家合作共同推进金砖国家货币国际化，不仅对于人民币自身的国际化具有重要价值，也是推进国际货币体系朝向多元化方向发展的重要步骤。本文提出了金砖国家共同推进本币国际化的合作策略，包括：推动本币债券市场发展、增强金砖国家本币投融资业务、进一步推动货币互换和本币直接交易、促进大宗商品的本币结算、以区块链技术推进金砖国家跨境金融基础设施建设。

This report is the result of a joint study by six BRICS think tanks (Institute of World Economics and Politics of the Chinese Academy of Social Sciences, Russian Institute of Strategic Studies, Foundation of Indian Observers, National Institute of Public Finance and Policy of India, Brazilian Institute of Applied Economic Research, and South African Council for Human Sciences) in late 2016 to launch a joint study, "Promoting the International Settlement of BRICS Currencies". Jointly promoting the internationalization of the BRICS currencies through BRICS cooperation is not only of great value to the internationalization of the RMB itself, but also an important step in promoting the diversification of the international monetary system. This paper puts forward the cooperation strategies of BRICS countries to jointly promote the internationalization of local currencies, including: promoting the development of local currency bond markets, enhancing BRICS local currency investment and financing business, further promoting currency swaps and direct local currency transactions, promoting local currency settlement of bulk commodities, and promoting the construction of cross-border financial infrastructure in BRICS countries with blockchain technology.（AI翻译）

作者简介

刘东民:（著）

刘东民，中国社会科学院世界经济与政治研究所副研究员，国际金融室主任，硕士生导师。本科就读于清华大学自动化系，获工学学士学位，后转学金融，获中国社会科学院财贸经济系金融学博士学位。2009年进入中国社会科学院世界经济与政治研究所从事国际金融领域研究工作，主要研究方向是国际货币金融体系改革、人民币国际化、多边开发银行、债券市场发展等。主持和承担中央及地方政府、金融机构、国家自然科学基金、国家社会科学基金等课题近30项，多次参加中央和地方政府内部咨询会。自2011年以来深入参与深圳前海金融产业发展规划，所提出的多项金融改革创新政策（人民币跨境贷款、前海注册企业赴港发债、人民币离岸母基金等）获中央政府批复。其中，人民币跨境贷款的实施已经拓展至中国第二批所有自贸区，协议金额超过1000亿元人民币。兼任亚洲基础设施投资银行内部咨询专家，国际政治与金融安全智库研究员。Liu Dongmin is a senior research fellow and the director of Division of International Finance，Institute of World Economics and Politics，Chinese Academy of Social Sciences.He graduated from Tsinghua University，getting a Bachelor's Degree of Engineering and Master's Degree of Management Science and Engineering.After that，he got a Ph.D of Finance in the Chinese Academy of Social Sciences.Now he is an adviser of the Ministry of Finance for the AIIB affairs.His research area focuses on reform of international monetary system，internationalization of RMB，development of the AIIB and BRICs Bank，bond market，etc.He has deeply participated in the Financial Industry Planning for Qianhai Free Trade Zone in Guangdong Province，and three of his proposals were approved by the central government in 2012.Up to now his proposal of cross-border RMB loan has already successfully applied to China's FTZs （Shanghai City，Tianjin City，Guangdong Province and Fujian Province） and over RMB 100 billion of cross-border RMB loans have been issued.

肖立晟:（著）

肖立晟，中国社会科学院世界经济与政治研究所国际金融室副主任，副研究员，硕士生导师。主要研究领域为中国宏观经济与国际金融，跟踪研究国内外宏观经济形势以及人民币汇率问题。在《经济研究》《管理世界》《金融研究》等权威期刊上发表多篇论文。参加国家与部委层面的宏观经济研讨会，并撰写大量决策咨询报告，多次荣获中国社会科学院优秀对策信息奖（对策研究类）。兼任对外经济贸易大学校外硕士生导师，中华人民共和国财政部国际经济关系司顾问，盘古智库研究员，中国金融40人青年论坛研究员，国际政治与金融安全智库研究员。Xiao Lisheng，deputy director，senior research fellow and master student advisor of International Finance Research Division，Institute of World Economics and Politics，Chinese Academy of Social Sciences.His main research fields are China's macro economy and international finance.He has published several papers on authoritative journals，such as Economic Research（Chinese），Management World，and Journal of Financial Research（Chinese）.He participated in national and ministerial level of macroeconomic seminars，and wrote number of decision-making advisory reports and won the Excellent Countermeasure Information Award from the Chinese Academy of Social Sciences （Countermeasure Research Category）.He also serves as an external master student advisor of the University of International Business and Economics，and a consultant to the Ministry of Finance's International Economic Relations Division and a researcher at the Pangu think tank、China Finance 40 Youth Forum and the International political and financial security think tank.

陆婷:（著）

陆婷，经济学博士，中国社会科学院世界经济与政治研究所副研究员，曾在中国人民银行做博士后研究，主要研究领域是国际金融、金融稳定与资产定价。在《世界经济》《金融研究》、China & World Economy等学术期刊发表十余篇论文，主持和完成多项省部级课题，在《人民日报》《经济日报》等主流媒体发表多篇财经评论。Lu Ting，Ph.D in economics，Associate research fellow at the Institute of World Economy and Politics，used to conduct her post-doctoral study at the People's bank of China.The research interests are international finance，financial stabilities and asset pricing.

熊爱宗:（著）

熊爱宗，中国社会科学院世界经济与政治研究所助理研究员。于2010年在厦门大学获得经济学博士学位，2010—2011年担任厦门大学经济学院助理教授。2011—2013年在南开大学国际经济研究所从事博士后研究工作。目前，研究领域主要包括全球经济治理、国际货币与金融体系，其研究兴趣还包括新兴市场经济体特别是金砖国家。Xiong Aizong is an assistant research fellow in Institute of World Economics and Politics （IWEP），Chinese Academy of Social Science （CASS）.He has studied Economics at Xiamen University and obtained a Ph.D in Economics （2010）.Dr.XIONG was as an assistant professor in School of Economics，Xiamen University from 2010 to 2011，and did two-year postdoctoral research at Institute of International Economics in Nankai University from 2011 to 2013.His research areas include global economic governance and international money and finance，and now his research interests also include issues of emerging market economies，especially BRICS countries.

张驰:（著）

张驰，南开大学经济学博士，中国社会科学院世界经济与政治研究所博士后。在国内期刊上发表多篇论文，并参与多个部委课题项目研究。研究领域为国际金融，包括债券市场发展、国际资本流动和人民币国际化等。Zhang Chi is a post doctor of Division of International Finance，Institute of World Economics and Politics，Chinese Academy of Social Sciences.She graduated from Nankai University with a Ph.D in economics.She published se-veral academic papers in China's economics journals，and she also joined several research programs invited by different ministries of Chinese central government.Her interests mainly focus on international finance，including bond market，international capital flow and RMB internationalization.

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刘东民：《应推动地方债离岸发行》，《中国金融》2016年第17期。

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Thorsten K.and Jeremy K.（2017），“Blockchain Technology—What's in Store for Canada's Economy and Financial Markets？”，https：//www.cdhowe.org/public-policy-research/blockchain-technology-%E2%80%93-what%E2%80%99s-store-canada%E2%80%99s-economy-and-financial-markets.

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参考文献

BIS （2015），“Digital Currency”，Committee on Payments and Market Infrastructures of BIS，http://www.bis.org/cpmi/publ/d137.pdf.

Christine Lagarde （2017），“Fintech—A Brave New World for the Financial Sector？”，IMF Blog，https：//blogs.imf.org/2017/03/21/fintech-a-brave-new-world-for-the-financial-sector/.

Dong He，Karl Habermeier，etc.（2016），“Virtual Currencies and Beyond：Initial Considerations”，IMF Staff Discussion Note，http://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf.

Gao H.and Yu Y.（2012），“Internationalization of the Renminbi”，Bank for International Settlements，BIS paper No.61，pp.105-24，http://www.bis.org/repofficepubl/arpresearch200903.05.pdf.

Javier Sebastian Cermeno（2016），“Blockchain in Financial Services：Regulatory Landscape and Future Challenges for its Commercial Application”，Working Paper，BBVA Research，https：//www.bbvaresearch.com/wp-content/uploads/2016/12/WP_16-20.pdf.

Joseph S.Nye （2013），“BRICS without Mortar”，Project Syndicate，April 3，https：//www.project-syndicate.org/commentary/why-brics-will-not-work-by-joseph-s--nye？barrier=accessreg.

Liu D.（2016），“Internationalization of China's Bonds Markets，Development of Offshore RMB Center and Provision of Global Safe Assets”，in ，CIGI Press.

Liu D.（2016），“Offshore issuance of China's Local Go-vernment Bond”，（China Finance），No.17，pp.76-77.

Liu D.，Gao H.，Xu Q.，Li Y.and Song S.（2017），“China's Next Steps in Renminbi Internationalization：The Renminbi as a Reserve Asset and an Investment Vehicle，the ‘Belt and Road’ Initiative and the Role of London”，Chatham House.

Song S.，Liu D.（2016），“The EIB's Non-Credit Business for Small and Medium Enterprises and Its Implication for the AIIB”，（The Chinese Bankers），No.10，pp：108-111.

Thorsten K and Jeremy K （2017），“Blockchain Technology—What's in Store for Canada's Economy and Financial Markets？”，https：//www.cdhowe.org/public-policy-research/blockchain-technology-%E2%80%93-what%E2%80%99s-store-canada%E2%80%99s-economy-and-financial-markets.

WEF （2016），“The Future of Financial Infrastructure”，An Industry Project of the Financial Services Community，the World Economic Forum，http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf.

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