日元和马克的国际化比较及其启示

该文回顾并比较了日元和马克的国际化，马克在退出流通前的国际地位之所以明显超过日元，欧洲经济货币一体化和币值稳定是两个重要因素。为此，对人民币的国际化有两方面的启示：一是统筹协调资本项目可兑换与人民币国际化，区分市场类型，加快推进境外人民币资金投资国内金融市场；二是加强区域经济货币合作，推进人民币区域化，实现区域化与国际化的点面结合。

Insights from the comparison between internationalization of Japanese yen and Deutsche mark

This paper reviews and compares the internationalization of the Japanese yen and the Deutsche mark.Compared with the JPY,the mark gained a more predominant international status before it was phased out of circulation.Two major contributors for the mark's achievement are the economic and monetary integration in Europe and the currency's stability.The experience of the mark brings us two insights for RMB internationalization.The first is to harmonize the convertibility of capital account and RMB international...