特稿｜连平：国际货币体系变局与上海国际金融中心建设

Group 1: Core Views - The demand for RMB investments is expected to increase as central banks and market investment institutions expand their holdings of RMB, presenting opportunities for the development of Shanghai as a global RMB investment market [1][13][14] - The ongoing "de-dollarization" trend is reshaping the international monetary system, leading to a higher demand for RMB and necessitating the construction of the Shanghai International Financial Center [1][4][5] Group 2: Historical Context of the International Monetary System - The Bretton Woods system established a dollar-centered international monetary system, which collapsed in 1971, leading to the emergence of a purely fiat currency system [2][3] - The Jamaica Agreement in 1976 confirmed the transition to a system where currencies float against the dollar, with the dollar remaining the central currency despite the shift to a fiat basis [3][4] Group 3: Current Trends and Challenges - The decline of the US economy and the increasing trade and fiscal deficits have weakened the dollar's creditworthiness, contributing to the "de-dollarization" trend [4][6][8] - The rise of emerging markets and the push for international monetary reform are evident as countries seek to reduce reliance on the dollar through bilateral currency settlements and other strategies [8][9] Group 4: Opportunities for RMB Internationalization - The shift in the international monetary landscape and the diversification of global asset allocation will enhance the attractiveness of RMB assets, necessitating proactive measures to expand RMB's cross-border use [13][14][16] - Enhancing the global supply and appeal of RMB assets is crucial for attracting foreign investment and improving the quality of RMB financial products [16][17] Group 5: Strategic Initiatives for RMB - Developing a domestic offshore financial system and promoting RMB internationalization are essential for increasing RMB's share in global payments and reserves [17][18] - The introduction of RMB stablecoins could serve as a strategic tool for enhancing RMB's international presence and facilitating cross-border transactions [19][12]