中国自贸区建设对人民币国际化的影响研究  

Research on the Impact of China's Free Trade Zone Development on the Internationalization of the Renminbi

作　　者：温少爽 Wen Shaoshuang(Wenzhou-Kean University,Wenzhou,Zhejiang,325060)

机构地区：[1]温州肯恩大学,浙江温州325060

出　　处：《中国商论》2024年第19期17-21,共5页China Journal of Commerce

基　　金：2023年度温州肯恩大学校级科研启动项目(ISRG2023020)。

摘　　要：近年来,中国政府积极推进自由贸易区建设,凸显了自贸区在促进金融高水平开放方面的巨大潜力。然而,自贸区建设对人民币国际化的直接影响在学术界尚未得到充分探讨。本文基于2009—2023年的面板数据,研究了中国自由贸易区对人民币国际化的影响。研究发现,自贸区的设立与跨境人民币结算贸易额、跨境人民币结算累计对外直接投资额以及人民币占全球储备货币份额之间存在正相关关系。这表明自贸区为企业提供了更便利的贸易和投资环境,降低了跨境交易成本,提高了人民币在国际市场上的使用率。自贸区通过推动人民币在国际贸易和投资中的流通和使用,有助于增强人民币的国际地位,推进人民币国际化。这一研究结果为深化人民币国际化的路径和机制提供了理论和实证支持。In recent years,the Chinese government has actively promoted the establishment of free trade zones(FTZs),highlighting their signifi cant potential in fostering high-level fi nancial openness.However,the immediate eff ects of FTZ construction on the internationalization of the Renminbi(RMB)remain insuffi ciently explored in academia.This paper,based on panel data from 2009 to 2023,examines the infl uence of China’s FTZs on RMB internationalization.The study fi nds a positive correlation between the establishment of FTZs and several indicators of RMB internationalization,including the trade volume settled via cross-border RMB transactions,the cumulative amount outward direct investment of cross-border denominated in RMB,and the share of RMB in global reserve currencies,indicating that FTZs offer enterprises an enhanced trade and investment environment,reduce cross-border transaction costs,and increase the use of RMB in global marketplace.By fostering the circulation and use of RMB in international trade and investment,FTZs contribute to elevating the RMB's global standing and propelling its internationalization process.This research offers both theoretical and empirical evidence that bolsters the understanding of the pathways and mechanisms to further RMB internationalization.

关 键 词：自贸区 人民币国际化 跨境结算 对外直接投资 外汇储备 

分 类 号：F822[经济管理—财政学]