从超主权稳定币看全球货币体系的再平衡——基于Libra 2.0的视角

2008年金融危机后,各国汇率剧烈波动,负利率现象普遍出现,全球货币体系的均衡被打破。受货币区域集团化、政府信用危机和金融危机周期性爆发的影响,全球货币体系再平衡的过程波折重重。2019年Facebook发布Libra稳定币白皮书,并于2020年提出Libra 2.0的设计方案,其满足全球货币体系之锚应具备的特征,有助于规避政府信用危机,其公有属性亦可以解决金融危机周期性爆发的问题,成为超主权货币实践的良好载体。但同时,Libra在支付体系、金融系统稳定性、货币政策实施以及国际货币体系等方面带来的监管难点同样不容忽视。

Viewing the Rebalancing of the Global Monetary System from the Perspective of Super-sovereign Stable Coins——Based on the Perspective of Libra 2.0

After the 2008 financial crisis,the exchange rates of various countries fluctuated violently and it was common that there was negative interest rate.The equilibrium of the global currency system was broken.Affected by the currency regional grouping,the government credit crisis and the cyclical outbreak of the financial crisis,the process of rebalancing the global monetary system is full of ups and downs.In 2019,Facebook issued Libra White Paper and put forward the designing scheme of Libra 2.0 in 2020.It meets the characteristics of the anchor of the global monetary system and helps to avoid the government credit crisis.Its public attributes can also solve the problems of periodic outbreaks of financial crises and become a good carrier of the super-sovereign currency practice.However,it cannot be ignored that Libra's regulatory difficulties in the payment system,the stability of the financial system,monetary policy implementing and the international monetary system.