导读

在全球地缘经济风险持续深化的背景下，人民币国际化具有重要意义：一方面，这是我国应对地缘经济冲击的系统性解决方案；另一方面，为全球市场和国际金融体系增添了稳定性因素。IMI副所长、中国人民大学财政金融学院副院长王芳在近期发布于环球时报的文章中阐释了当下人民币国际化的理论逻辑与实践进路。

文章首先揭示了当前国际货币体系的根本性矛盾。以技术封锁、金融制裁为典型表现的地缘经济风险，本质上源于垄断性货币体系与多元化全球经济需求的系统性失衡。人民币国际化为国际货币金融体系引入多元机制，有利于增强体系稳定性。

在实践机制层面，文章指出“一带一路”倡议与RCEP框架创造了独特的制度实验场。这两大平台通过“共商共建共享共同治理”的新型合作范式，对人民币国际化产生重要意义：在硬件层面，以基础设施联通重塑区域经济地理；在软件层面，通过制度规则整合构建货币合作的制度基础。

文章说明，中国在全球供应链中的枢纽地位赋予人民币国际化特殊的市场动力。随着中国金融体系对供应链可持续发展的支撑能力持续增强，货币国际使用基础不断夯实。这种“产业-金融-货币”的良性循环机制，有利于区域经济金融发展。然而，现实挑战不容忽视。当前人民币国际化面临若干约束：使用场景的便利性不足、货币竞争优势还不突出、金融市场的深度开放有待提升、宏观风险管理效率尚待提高等。作者相信，这些制约因素随着高质量金融发展和高水平金融开放将会逐步得到解决。

文章指出，当今全球支付体系和各国货币储备均面向多元化调整，而地缘经济风险指数与人民币国际化指数同时上升。在变局之中，通过跨境支付系统优化和数字货币创新,人民币国际化将为构建经贸领域的人类命运共同体提供稳定之力。

RMB Internationalization to Greatly Stabilize Global Financial System

Published on GLOBAL TIMES

Wang Fang

Deputy director of International Monetary Institute of Renmin University of China

22 Aug 2025

RMB internationalization is a systematic solution for China to effectively address the deepening impact of geo-economic risks in the world, which also contributes to stabilizing global markets as well as the international financial system.

Some countries refuse to relinquish their long-held dominant positions and monopolistic power in global supply chains, the global monetary and financial systems, as well as global governance. Technology blockades, financial sanctions, and the abusive use of legislative and regulatory "long-arm jurisdictions" are specific manifestations of those countries leveraging their power to artificially create geo-economic risks.

As the Chinese currency, the RMB or the yuan, increasingly matures into a major international currency, it can bring a diversified mechanism into the international monetary and financial system, helping mitigate the systemic risks arising from the inherent instability of a world economic order based on self-interest and a monopolistic core. In this sense, RMB internationalization benefits not only China but also the whole world.

The Belt and Road Initiative (BRI) and the Regional Comprehensive Economic Partnership (RCEP) framework are both China's practices of new regional economic integration, adhering to the principles of consultation, joint construction and sharing. They prioritize development, sovereign equality, and respect for differences in varied countries' development stages, focusing on infrastructure construction and integration of institutional rules to collectively promote inclusive development and re-globalization. Both the BRI and the RCEP framework hold significant importance for RMB internationalization.

The more critical an economy's position in the global supply chain, the more effective it is in enhancing the welfare of supply chain partners and strengthening supply chain resilience through providing better financial services. Also, as a country's financial system improves its ability to support the sustainable growth of the global supply chain, the foundation for the international use of its currency is inevitably solidified.

Therefore, in international economic and trade cooperation primarily involving developing countries, China should fully leverage its role as a regional powerhouse in integrating industrial and supply chains, continuously optimizing the hardware and software conditions for the member countries to use and hold the Chinese currency.

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原文信息

来源：

环球时报

时间：

2025年8月22日

作者：

王芳，IMI副所长，中国人民大学财政金融学院副院长

编译：毛歆语

监制：李婧怡

版面编辑｜周佳敏

责任编辑｜李锦璇、阎奕舟

主编｜安然、李婧怡