人民币国际化与东亚货币金融合作  

Monetary and Financial Cooperation in East Asia:A Perspective From RMB Internationalization

作　　者：周先平[1] 孙沛香 Zhou Xianping;Sun Peixiang(Zhongnan University of Economics and Law,Wuhan,430073,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《东南亚纵横》2025年第1期59-71,共13页Crossroads:Southeast Asian Studies

基　　金：2024年中南财经政法大学中央高校基本科研业务费专项资金资助项目“本外币外债的全口径管理研究”(2722024EJ017);中南财经政法大学研究生科研创新平台项目“人民币国际化背景下东亚货币金融合作的模式和路径选择”(202410576)。

摘　　要：早在应对1997年亚洲金融危机时,东亚地区就开始了货币金融合作的尝试,取得了一些进展,但如今基本处于停滞状态。停滞的原因包括清迈倡议多边化的可操作性欠缺、地缘政治的复杂性、对美元的高依赖度、合作主导力量的缺失及官方合作模式缺乏可持续性等。当前,人民币国际化的快速发展为东亚货币金融合作带来新的机遇和挑战。中国经济和金融实力的大幅提升改变了东亚货币金融合作主导力量缺失的现状,在东亚多边货币金融合作进展缓慢的情形下,人民币国际化通过双边本币互换、境外人民币清算网络等形式,推动东亚货币金融合作的发展,改变了以往东亚货币金融合作“金融”色彩少、私人金融机构和企业参与度低等问题。中国搭建的“跨境人民币结算、投资、融资、风险对冲”等金融基础设施,为东亚货币金融合作提供了便利。中国在金融科技等领域的领先优势也为东亚货币金融合作开辟了新的领域。尽管东亚是人民币国际化最重要的地区,其进程本身也在推动着区域合作,但就东亚的多边货币金融合作而言,仍需注意过分依赖以中国为中心的双边合作模式带来的潜在影响。Monetary and financial cooperation in East Asia began in response to the 1997 Asian financial crisis.Despite some progress,it currently faces basic stagnation due to factors such as the limited operability of the Chiang Mai Initiative Multi-lateralization(CMIM),complex geopolitical dynamics,heavy reliance on the U.S.dollar,the absence of a dominant driver for co-operation,and shifting goals among policymakers.The ongoing internationalization of the Renminbi(RMB)now presents both new opportunities and challenges for East Asian monetary and financial cooperation.China's rising economic and financial strength addresses the region's previous lack of a leading force.Amid slow multilateral progress,RMB internationalization fosters regional cooperation through mechanisms like bilateral currency swaps and offshore RMB clearing networks.This shift has be-gun to address previous issues in East Asian cooperation,such as the insufficient"financial"depth of cooperation and the limited participation from private financial institutions and enterprises.China's establishment of financial infrastructure-covering crossborder RMB settlement,investment,financing,and risk management-further facilitates East Asian cooperation.Additionally,China's advances in financial technology open additional avenues for regional collaboration.Although East Asia plays a pivotal role in the internationalization of the RMB,there is a potential risk of over-reliance on a China-centered bilateral cooperation model.

关 键 词：东亚货币金融合作 人民币国际化 双边合作 金融基础设施 

分 类 号：F832.6[经济管理—金融学] F831.2F823.1