Internationalization of the renminbi: what it means for the stability and flexibility of the international monetary system
探讨人民币国际化是否足以让国际货币体系比现在更稳定和灵活，指出国际化需要公私决策互动和主要国家政策协调，对研究国际货币体系改革的经济学者有参考价值。
The central question this paper addresses is whether internationalization of the RMB would be sufficient for the international monetary system (IMS) to provide greater stability and flexibility than today’s IMS. Whether Chinese efforts to internationalize the RMB culminate in the currency achieving reserve status will be for China to realize. The path to reserve currency status, however, is not one that the Chinese can pursue unilaterally. Internationalization entails an interaction between private and public decision-making, and is a function of private-sector confidence as much as public policy. The outcome will be the result of strategic interplay involving public policies across systemically important countries and confidence-building among global savers and investors. The paper argues that international cooperation, especially among reserve currency countries on policy frameworks to achieve the common objectives of economic growth, full employment, price stability, and sustainable fiscal positions will define a coherent and well-functioning IMS. Copyright 2013, Oxford University Press.