“一带一路”背景下人民币国际化的原油计价研究

在"一带一路"倡议下,人民币国际化的原油计价面临着重大机遇:中国与"一带一路"沿线能源出口国利益互补、亚洲缺少原油定价中心、全球出现"去美元化"的趋势以及人民币国际化具备强有力支撑等条件,但同时也面临着资本管制与原油期货市场流动性的冲突、较低开放度的中国金融市场无法为人民币提供畅通的回流路径以及"新特里芬难题"等挑战。借鉴相关发展经验,应积极推进人民币原油期货市场建设、推进金融市场开放构建人民币环流、扩大与"一带一路"沿线国家(地区)的贸易往来、借助基础设施建设强化人民币计价功能等,努力实现人民币国际化的原油计价。

Research on the crude oil valuation of RMB internationalization under the Belt and Road Initiative

With the promotion of the Belt and Road initiative, the crude oil valuationof RMB internationalization faces significant opportunities: the mutual complementation of interests between China and the energy exporting countries along the Belt and Road, the lack of crude oil pricing centers in Asia, the global trend of "de-dollarization" and the most powerful support for RMB internationalization. But at the same time, it also faces such challenges as the conflict between capital controls and the liquidity of crude oil futures market, the failure of China’s relatively low opening financial market to provide a smooth return path for the RMB, and the "new Triffin problem". Drawing on the relevant development experience, we should actively promote the construction of the RMB crude oil futures market, advance the opening of the financial market to build the RMB circulation, expand trade with countries(regions) along the Belt and Road, and strengthen the RMB valuation function with the help of infrastructure construction, so as to realize the crude oil valuationof RMB internationalization.