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第16号(2022-03-15) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/11173/3455

Title: 「米ドル本位制」下、中国・人民元「国際化」の新展開 : 米中経済摩擦とRCEPとの関わりで
Other Titles: A New Development of Internationalization of China’s Renminbi under ‘The US Dollar System’: Will the US-China Economic Conflict drive RCEP into RMB bloc?
Authors: 鳥谷, 一生
Keywords: 人民元「国際化」
Internationalization of Chinaʼs Renminbi
the US-China Economic Conflict
Implied Financial Coupling between the US and China
Issue Date: 15-Mar-2022
Publisher: 京都女子大学
Abstract: 2021年9月、中国人民銀行は『2021年人民元国際化報告』を発表し、人民元「国際化」が復活していることを強調した。しかし、『同報告書』を読むと、復活したのは人民元建貿易取引ではなく、RQFII、香港と上海・深圳との間のストック・コネクト、そして債券通といった人民元建国内金融資本市場へ外資を導く国際証券投資である。では、なぜ人民元建国際証券投資が拡大したのか?それは、アメリカFRBをはじめ先進諸国中央銀行の超低金利政策によって、中国の証券利回りが相対的に高くなったからである。本論文は、人民銀行の『同報告』を紹介しつつ、2017年アメリカ・トランプ政権成立によってむしろスポットライトを浴びるようになった米中金融合作ともいうべき国際金融関係から人民元「国際化」の現実を明らかにしていく。併せて、20221月に発効するRCEP との係わりで、ASEAN 地域の外国為替取引の現実から、国際決済通貨としての人民元「国際化」の限界について論じていく。In Sept. 2021, Peopleʼs Bank of China (PBoC) published ʻ2021 RMB Internationalization Reportʼ, saying that RMB internationalization bounces back on the trend. Of importance is that, however, the remounting RMBdenominated international transaction has not been driven by trade but by stock and debt through RQFII, Stock Connect, and Bond Connect via Hong Kong. Why has such international security transaction been increasing for the past few years? The reason is that, due to the extremely low interest-low policies taken by FRB, ECB, and BoJ after the world financial crisis of 2008, enormous amount of excess liquidity is searching for investment-opportunity with even a little bit higher yield. Shanghai and Shenzhen financial markets have presented global financial investor with so lucrative chance. With the political conflict between the US and China, which was stirred up under the Trump administration since 2017, what is revealed is impliedly coupled relation, not easily decoupling one, between two super economic giants. This article, while analyzing a new development of RMB internationalization since 2018 with the PBoC report, tries to shed light on reality of foreign exchange market in a few of ASEAN member countries, which come to key constituent countries of RCEP in effect from Jan. 2022. As far as ongoing project is concerned, RMB internationalization does not mean RMB becomes international clearing currency for several years to come.
URI: http://hdl.handle.net/11173/3455
Appears in Collections:第16号(2022-03-15)

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