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중국 위안화(元貨) 국제화의 제약요인 연구

A Study on the Structural Constraints of China’s Economy on RMB Internationalization

오승렬
중국학연구회 (The Society Of Chinese Studies)|2010.09|중국학연구|제53호|pp. 239-271

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참고문헌

키워드

constraintsacceptabilityRMB internationalizationkey currencyexchange rate stabilityconvertibility
주제분류중국어와문학

초록

Since global financial crisis, it is widely understood that China is eager to make its Yuan currency(RMB) as an internationally accepted key currency. So called ‘RMB internationalization’, however, is neither a policy option nor can be a simple strategic target for China. Feasibility of RMB internationalization is subject to structural adjustment of China’s economy to fulfil prerequisites for RMB to be a key currency such as exchange rate stability, convertibility, and international acceptability of RMB as a major tool for transactions and investment. The study shows that structural features of China’s economy including macroeconomic uncertainty, constraints on capital account, bureaucratic economic system, and limitations in international acceptance of RMB as an efficient vehicle for transactions and investment, etc. are major impediments for Yuan’s internationalization. Therefore, it would be an optimal choice for China to implement domestic policies to address structural problems first rather than to hasten RMB internationalization as a global strategy.

Abstract

Since global financial crisis, it is widely understood that China is eager to make its Yuan currency(RMB) as an internationally accepted key currency. So called ‘RMB internationalization’, however, is neither a policy option nor can be a simple strategic target for China. Feasibility of RMB internationalization is subject to structural adjustment of China’s economy to fulfil prerequisites for RMB to be a key currency such as exchange rate stability, convertibility, and international acceptability of RMB as a major tool for transactions and investment. The study shows that structural features of China’s economy including macroeconomic uncertainty, constraints on capital account, bureaucratic economic system, and limitations in international acceptance of RMB as an efficient vehicle for transactions and investment, etc. are major impediments for Yuan’s internationalization. Therefore, it would be an optimal choice for China to implement domestic policies to address structural problems first rather than to hasten RMB internationalization as a global strategy.

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