人民币的区域化与中国资本帐户的开放

I. IntroductionSince the late 1990s and especially after the Asian financial crisis of 1997, Chinas neighboringeconomies have gradually endorsed the renminbi (RMB) as a medium of exchange forinternational payments. Thus, a sizeable amount of RMB is circulating outside the Chinesemainland. This phenomenon of RMB internationalization, perhaps better described as RMBregionalization, has attracted great attention from policymakers and academics both athome and abroad.Given Chinas increasing…