日元国际储备地位变迁对人民币国际化的启示

20世纪70年代，日元曾迅速赶上英镑，成为世界第三大储备货币，而21世纪初日元的储备地位却被英镑悄然越过；尽管日本的GDP长期高于德国，但日元在国际储备中的比例一直低于马克。数据分析表明，日元和英镑的储备地位相对变化源于币值的变动；而日元和马克储备地位差别源于商品与劳务进口总额的差别。中国相应参数的比较暗示：人民币有可能在实现自由兑换之前成为世界第三储备货币。

Changing Share of Yen in International Official Reserves and Implications for the Internationalization of RMB

Japanese Yen used to be the third largest reserve currency in the 1970s,but was surpassed by British Pound Sterling at the beginning of the 21st century.The share of yen in the currency composition of official reserves has been persistently smaller than Deutsche Mark even though the GDP of Japan is larger.A data analysis shows that the relative position of Yen and Pound in international reserves is determined by the changing valuation of the two currencies,while the difference between Yen and Mark can be explained by the import amount of goods and services.China's corresponding economic data implicate that RMB has the potential to be the third largest official reserves currency,even under the condition of limited convertibility.