人民币发挥国际计价货币职能的路径选择：驻锚货币的视角

摘要

本文针对人民币跨境流通使用后出现的结算货币与计价货币分离、人民币计价职能难以发挥等问题，从驻锚货币的角度进行了讨论和研究，认为成为货币锚是货币广泛发挥国际计价功能的集中体现和关键基础，也是一国货币国际化成败的最终标志。为此，本文构建了货币替代模型，研究人民币形成货币锚的初始选择，并在此基础上提出了相应发展路径。%Since the RMB cross-border circulation started,problems has arisen such as the separation of invoicing currency and settlement currency and the difficulty for RMB to play the invoicing function. This paper conducts a dis-cussion and research from the perspective of anchor currency and believes that to be an anchor currency is the key and foundation for a currency to exercise the function of international invoicing,which is also the ultimate sign of success for the internationalization of a country's currency. To this end,we build a currency substitution model to identify the initial selection of the RMB to form a monetary anchor,namely,the regional monetary anchor,and propose corre-sponding development route on this basis.