在 2008 年的全球金融海啸对现行国际货币体系提出质疑的背景下，人民 币的国际化迎来了机遇与相应的挑战。一方面，人们对现行国际货币体系的重 新审视以及金融危机对美元、欧元等主要国际货币的重创为人民币迈向国际化 创造了难得的外部环境；另一方面，由于中国目前尚未完全开放人民币资本项 目以及国内金融市场尚未成熟等，因此，人民币国际化在迎来机遇的同时也面 临着挑战。正如一枚硬币都有正、反两面一样，对中国来说，人民币国际化具 有两面性，认真分析中国推进人民币国际化的必要性和已经具备的条件，用经 济学中最基本的成本——收益原则判断人民币国际化给中国带来的收益和成 本，对于人民币国际化的实现及其对国内经济、社会的影响具有重要的现实意 义。本文在总结国内外大量相关研究并吸收国内学者研究成果的基础上，采用 理论分析与实证分析相结合的方法，分三部分对货币国际化和人民币国际化的 可行性进行了系统的分析与研究。 第一部分，货币国际化的理论基础。人民币国际化实质上是主权国家货币 国际化的一个具体化，因而，这一部分主要阐述了货币国际化的含义及特征、 货币实现国际化所需具备的条件，即经济、政治等方面的条件，并用之衡量目 前中国的现实情况，认为中国已经初步具备了人民币国际化的条件，但是在国 内金融市场建设方面仍未达到发达金融市场所需要的水平，这在一定程度上限 制了人民币迈向国际化的步伐。 第二部分，人民币国际化的收益、成本分析。主要包括两部分内容，一是 对人民币国际化收益的分析，认为人民币成为国际货币可以给中国带来诸如铸 币税、降低汇率风险和汇兑成本等收益。二是分析了中国实现人民币国际化所 需付出的成本，认为人民币国际化会造成政策成本、经济成本、监管成本以及 政治成本。这是中国在人民币要实现国际化中所必须面对的正、负面影响，是 一个新事物诞生所不可避免的。 第三部分，人民币国际化的可行性分析及实践。主要包括三个内容，一是 在全球经济及金融一体化程度越来越深和金融危机的大环境下，分析了人民币 国际化的必要性，认为人民币国际化是经济发展的客观要求和改革当前国际货 币体系的客观需要；同时，对中国来说，人民币国际化也是顺应保持汇率稳定 的要求。二是对人民币国际化的可能性做出了分析，其中包括对人民币国际化 程度的估计。本文采用了李瑶（2004）设计的货币国际度指数，具体由本币范 围指数、本币境外流量指数和本币境外储备指数组成。三是人民币国际化的实 践，主旨在于扩大人民币的境外流通范围和加强人民币作为结算货币的功能， 以便人民币能被境外居民所认可和接受。这部分主要有两个内容，一是边境贸 易及跨境贸易结算试点；二是货币互换协议的签订。 通过以上的论述和分析，本文最终认为人民币国际化是可行的，但中国需 要根据社会、经济发展的实际情况来逐步实现人民币的国际化，并采取相应的 预防措施以减轻人民币国际化给经济和政治可能带来的不稳定影响，从而实现 人民币国际化收益的最大化。虽然目前测算出的人民币国际货币度较之以前有 大幅度提高，但是与现在的主要国际货币之一——美元相比还是相差甚远，因 此，中国需认清人民币所处的现状，并根据现实情况稳步推进其国际化进程。 关键词，人民币 国际化 收益 成本 可行性 Abstract On the background of the query of the current international currency system put forward in global financial tsunami in 2008, the internationalization of RMB sees in opportunities and corresponding challenges.On one hand, both the inspect that people gave to the current international currency system renewedly and batter that the financial crisis brought to the main international currency, such as US Dollar, Euro, create a rare external environment for RMB marches toward internationalization. On the other hand, as China does not open RMB capital account completely at present, the domestic financial market is not mature yet and so on, thus, RMB internationalization sees in opportunities, it also faces challenges at the same time. Just like one coin always has two sides, for China, RMB internationalization has two sides, analyzing the necessity of RMB internationalization and the conditions that China has possessed seriously and judging the gains and expenses that this internationalization brings to China through the basic cost and profits principle of economy have important practical significance for the realization of RMB internationalization and the influence it exerts on the domestic economy and society. On the basis of summarizing a great deal of relevant studies at home and aboard, as well as assimilating the results of studies that domestic scholars have made, this article adopts theoretical analysis and empirical analysis together and is divided into four parts to analyze the money internationalization ,the feasibility of RMB internationalization systematically. The first part is the theory basis of money internationalization. Factually, RMB internationalization is a concretion of sovereignty money, thus, this part mainly elaborates the definition and features of money internationalization, the conditions to achieve internationalization, namely, economic conditions, political ones and so on, and uses these conditions to measure the current situations in China, concluding that China has possessed initial conditions. However, referring to the domestic financial market, it does not achieve the level of the developed financial market yet, which also limits RMB in steping towards internationalization to some extent. The second part shows the gains and costs of RMB internationalization. It mainly includes: (1) Analysis of the profits, seeing that RMB internationalization could bring interests to China, such as seignior age, lowing exchange rate risk and expense. (2) Through analysis, concluding that this internationalization will cause policy cost, economic cost, supervising cost and political cost to China. All of these are positive and negative influences that China has to face to during RMB achieve internationalization, which cannot be avoided once new things become real. The third part presents the feasibility analysis and practice of RMB internationalization. It contains that: (1) By analyzing the necessity of RMB internationalization under the environment of the deepening degree of integration of economy and finance, financial crisis as well, concluding that RMB internationalization is an inevitable outcome of the economy development and the objective need of innovation of the current international monetary system. Meanwhile, for China, RMB internationalization also conforms to the requirement that keeping the exchange rate steady. (2) Analyzing the possibility of RMB internationalization, including the estimation of the degree of internationalization of RMB. This article applies a kind of index designed by LiYao(2004) to estimate the extent of internationalization of money, which is constituted of scale index, overseas flow index and foreign reverence index. (3)The practice of RMB internationalization, aiming at enlargeing the scale that RMB circulates overseas and strengthening the function that RMB works as a settlement tool, which is helpful for overseas people to acknowledge and accept RMB. This part mainly contains two sections: one is frontier trade and settlement test point of cross-border trade; the other is currency swaps. Through these discussions and analyses above, this article finally concludes that RMB internationalization is feasible, but China should realize RMB internationalization gradually according to the practical situation of the development of society and economy; meanwhile, China should take corresponding precautionary measures to alleviate the unstable influence that it may exert on the economy and politics and maximize its gains. Though the international level of RMB that estimated at present has increased largely compared to before, it still has a long way to go compared to one of the main international currency- US Dollar; therefore, China has to be clear about the current situation that RMB stays now, and push the process of RMB internationalization steadily according to the reality. Key words: RMB Internationalization Gains Costs Feasibility 目录 中文摘要.............................................. I ABSTRACT............................................ III 第一章 前言........................................... 1 第一节 以货币兑换的交易成本为基础，分析一国货币作为国际交换媒介的 条件............................................................4 第二节 一国货币作为国际记账单位的条件 ...........................6 第三节