ise虛擬貨幣

1. 中國的人民幣將重回亞洲世紀嗎

當80年代西方恐懼著日本經濟的上升，一些人預測日元將會變成國際化儲備貨幣。但是直到日本政府推動日元國際化時已經太遲，當泡沫碎裂日本經濟陷入了衰退，日本也進入了一段長時間的停滯。現在，問題是中國的人民幣在亞洲是否會成為國際通用貨幣。 The Asian currency crisis of1997-98 made countries realise that what is important is not fixing theircurrencies to the US dollar but ensuring that they are not too volatile.Floating currencies became necessary as capital markets were opened, which inturn was essential to secure the inflow of foreign direct investment. On theother hand, a completely free currency float was thought to be undesirablebecause volatile currency movements would harm exports. 97-98年的亞洲金融危機讓很多國家意識到，本幣與美元掛鉤已經不重要了，但是要確保本幣不能波動太大。由於資本市場的開放浮動貨幣成為必然，這些對保護外商直接投資至關重要。另一方面，一個完全自由貨幣浮動被認為是不利的，因為不穩定的匯率變動會傷害出口 In the aftermath of theAsian currency crisis, Asian countries intensified their financial integrationand cooperation to make the region better able to withstand internal andexternal shocks. 亞洲金融危機的餘波使亞洲國家加強金融一體化和金融合作讓本地區能更好的抵抗內外部沖擊。 First, more policymakers were interested in the『basket currency』 arrangement because it seemed to provide a balance betweenflexibility and stability. Many were attracted to the idea of keeping Asiancurrencies jointly floating against the US dollar and the euro, but looselybinding them to each other at the same time to ensure stability. Asiangovernments even looked to the Exchange Rate Mechanism, an arrangement that ledto the creation of the euro, as a model for the region. But critics emphasisedthat Asia relied on exports to the United Statesand Europe, so stability against the US dollarand the euro could not be sacrificed. 首先更多的決策者開始對一攬子貨幣協商感興趣，因為它似乎能提供貨幣彈性與貨幣穩定性的平衡。很多人也被保持亞洲貨幣整體對美元和歐元的浮動這個主意所吸引，但是同時相互之間鬆散的約束很難確保穩定性。亞洲政府們甚至希望，歐元誕生這樣的協定作為地區匯率機制的範本。但是批評家們強調亞洲依靠想歐美出口，所以相對於美元和歐元的穩定性不應該被犧牲。 Another difficulty was the lack of politicalwill. There was academic support for the creation of an Asian Monetary Unit sothat currencies would not deviate too much from the weighted average in theregion. But such a concept required mutual commitment, and the idea did notgain political traction. This kind of arrangement continues to attractrecognition. The Research Institute of Economy, Trade and Instry (a Japanesegovernment-sponsored research institute) still publishes AMUs for referencedaily, and the figures show Asian currencies converging around the centralvalue of AMU in the medium run. But the recent eurozone sovereign debt crisis,which partly stems from Europe』s adoption of a single currency not backed by afiscal and banking union, dampened any remaining enthusiasm towards a moreunified exchange rate arrangement in Asia. 另一個困難是缺少政治意願。亞元有學術上的支持，這樣那些貨幣就不會偏離地區加權平均太多。但是這樣的概念需要相互的承諾，可惜它沒有獲得政治支持。這種協商會繼續吸引認同。經濟貿易工業研究所（一個日本政府資助的研究機構）仍然公布了亞元作為日常參考，研究數據顯示亞洲貨幣的合並還是圍繞著亞元的中期價值。但是，由於有部分原因是採取單一貨幣，且沒有得到財政和銀行業聯盟的支持而導致最近歐元區的主權債務危機抑制了對更加統一的匯率協商的熱情。 Second, many ASEAN+3 countries saw reserve poolingas the most attractive form of financial cooperation after the Asian crisis. Inparticular, crisis-hit countries like Thailand,Indonesia, Malaysia and Korea thought reserve pooling couldoffer a safety net. Thailand』srescue by the International Monetary Fund, Japan and other Asian countries inAugust 1997 was a model, however imperfect, for future reserve poolingarrangements. While soon after that rescue a proposal for regional reservepooling – bbed the Asian Monetary Fund – was shot down by the IMF, the United States and China, leaders continued to pushtowards a regional mechanism. In May 2000 ASEAN finance ministers agreed on theChiang Mai Initiative, a network of bilateral swaps. The size of CMI grew inseveral stages and eventually evolved into the Chiang Mai InitiativeMultilateralisation agreement in 2010, which sets up a self-managed reservepooling system. 其次，在亞洲金融危機後，很多10+3國家將儲備池看做最具吸引力的金融合作形勢。尤其在受到危機沖擊的國家像泰國，印尼，馬來西亞和韓國認為儲備池能提供一張安全網。對於未來的儲備池商定，1997年八月泰國被IMF，日本和其他亞洲國家援救就是個很好的模式，雖然不是很完美。那次救援後，一個區域性儲備池提案被稱為亞洲貨幣基金被IMF,美國和中國停止，領導者們繼續推動區域匯率機制。在2000年五月，東盟財政部長們就《清邁倡議》雙向貨幣互換網路，達成了一致。清邁倡議經過幾個階段成長，最終在2010年發展成為《清邁倡議多變化協議》來建立一個自我管理的儲備池系統。 The environment has changed since theInternational Monetary Fund opposed an Asian Monetary Fund in 1997. The recenteurozone crisis proced a regional liquidity assistance mechanism, theEuropean Financial Stability Facility, as a temporary arrangement. Later, Europe created a permanent body, the European StabilityMechanism, to ensure financial stability, which effectively allows for regionalreserve pooling, just as the Asian Monetary Fund would have done. Having seenthis body at work in Europe, the IMF wouldsurely not oppose the transformation of CMIM into a genuine reserve poolingsystem with a secretariat at the ASEAN+3 Macroeconomic Research Office. 從1997年IMF反對亞洲貨幣基金組織的建立，環境已經改變了很多。由於最近的歐元區危機產生一種區域資金救助機制-----歐洲金融穩定基金，作為一項臨時的協定。再晚一點，歐洲創造一個常設機構-----歐洲穩定機制來確保金融穩定，它有效地考慮到了區域儲備池就像亞洲貨幣基金組織本准備做的。看到這個常設機構在歐洲有效運作，IMF將確定不會反對《清邁多邊協議》轉變為真正的儲備池系統，並帶有一個秘書處在10+3宏觀經濟研究辦公室。 But while these regional efforts to rationalisecurrency arrangements and create reserve pooling systems are encouraging, theyleave an opening for China.And the Chinese effort to internationalise the RMB is gaining momentum. Itremains to be seen whether its successful internationalisation will replace AMFand CMIM partially, if not completely. 但是在這是區域性的努力來合理化貨幣協定和建立儲備池系統受到鼓勵的時期，他們也留了一個缺口給中國。中國努力使RMB國際化勢頭越來越猛。如果國際化不完全，成功國家化是否能部分性的取代亞洲貨幣基金組織和《清邁多邊協議》還有待觀察。 The Chinese government started promoting theinternationalisation of the RMB in 2009 – telling Chinese companies that theyshould invoice exports and imports and settle contracts in RMB, if possible.There are difficulties, however, because if the trading partners of Chinesecompanies agree to invoice and settle with Chinese currency they have to bearthe currency risk and hold RMB for trade finance. Foreign companies will bereluctant to do so unless the RMB becomes a fully convertible currency; thatis, a currency with no restriction of any type, current or capital, on foreignexchange transactions. 中國政府在2009年開始推廣人民幣國際化，並告訴中國公司他們應該盡可能的使用人民幣進行進出口貿易和結算。但困難是如果中國公司的商業夥伴同意交易和結算使用人民幣，他們不得不承擔貨幣風險和持有人民幣作為貿易資金的風險。外國公司不願意這樣做除非人民幣成為自由兌換貨幣，自由兌換貨幣是在外匯交易中沒有任何類型的，往來的和資本的限制。 In the area of reserve currency, the People』sBank of China has started to implement currency swap arrangements with othercentral banks. First, the Chinese government allows RMB-denominated bonds to beissued and for them to be owned by other monetary authorities as foreignreserves; and, second, it allows a swap arrangement for contingency. TheJapanese government became the first advanced country to agree to hold RMBbonds. If this movement becomes widespread, it will increase the share of RMBbonds in the pool of global reserve assets. On the other hand RMB-localcurrency swap arrangements may be used as a safety net, just as swaparrangements between the Federal Reserve Bank and other central banks were usedafter the collapse of Lehman Brothers in 2008-09. 在外匯儲備方面，中國人民銀行已經開始開始執行與其他央行的貨幣互換協商。首先，中國政府允許人民幣債券的發行和其他金融機構持有人民幣作為儲備貨幣。其次，中國政府也允許緊急貨幣互換協議。日本政府已經成為第一個同意持有人民幣債券的發達國家。如果這些動作范圍變的更加廣泛，他將會增加人民幣債券在全球儲備資產池裡的份額。另一方面RMB與當地貨幣互換協定可能會起到一張安全網的作用，就像美聯儲和其他央行在2008年雷曼兄弟破產後所使用的互換協定。 The problem, again, is that RMB is not a fullyconvertible currency. Those countries that receive RMB would not be able to usethe currency to pay for liabilities owed to countries other than China. Butthere seem to be other motivations at play. China』s official reasons forcreating an RMB-centered swap arrangement include promoting trade andinvestment. If importers in other countries cannot obtain RMB to pay for whatthey buy, the swap between the central banks can be activated to finance trade.Companies wishing to invest in Chinacan thereby obtain RMB to pay for their investment. So the swap arrangement canbe used to supplement the Chinese government』s push for RMB invoicing andsettlement. 問題仍然是人民幣不是自由兌換貨幣。那些收到人民幣的國家不能用人民幣來償還除中國外其他國家的債務。但是中國似乎有其他的動機。中國制定RMB核心互換協定的原因包括促進貿易和投資。如果其他國家的進口商不能獲取人民幣來支付他們所購買的貨物，這個央行間的互換能激活金融貿易。很多公司都希望在中國投資由此來獲取RMB來償付他們的投資。所以這個互換協定對中國政府推動RMB交易結算有補充作用。 The internationalisation of the RMB, if fullyimplemented with capital account liberalisation, has the potential to unite(most of) Asia as an RMB bloc. Tradeinvoicing, settlement and bond issues would all take place in RMB within thebloc. Countries would hold RMB assets as a part of their foreign reserves, andwhen a country falls into a liquidity crisis, the Chinese government wouldprovide cash in RMB, either with or without IMF help. It may take severaldecades to get to that stage, but there is a clear trend toward it. 如果人民幣國際化與資本自由化完全實施，有潛力聯合大部分亞洲地區成為人民幣聯盟。聯盟內貿易結算和債券發行都會被RMB取代。很多國家會持有人民幣資產作為一部分外匯儲備，當一個國家陷入破產危機，中國政府會提供人民幣現金不論是否有IMF的援助。到達這個地步可能會用幾十年，但是已經有了一個很清晰的趨勢。

2. 聯想有30萬人民幣的筆記本嗎

參考價格：￥1.4萬[北京]

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3. 我有一個10元硬幣不知道是哪個國家的，後面寫有：Afrika和isewula

正面一隻鷹，背面兩只鳥——南非，1997到2000年版的

4. 人民幣入sdr的英文演講稿

人民幣成為sdr不是剛剛么？你要幹嘛？