中金公司研报指出，受益于中国经济的持续发展和政策有效推动，人民币国际化程度和储备货币地位自 国际金融危机后稳步上升，但相较中国经济地位尚有很大提升空间。进一步推进人民币国际化、加强人 民币储备货币地位，既是中国经济发展的历史机遇和实际需要，也有利于改善国际货币体系的运行和世 界经济的发展。我们进一步通过市场主体调研发现，提升人民币国际化和储备地位的主要障碍在两方 面。一方面，瓶颈突出表现为贸易结算占比远低于贸易份额，背后是市场地位、融资条件和金融市场发 展、历史惯性等内外因素。另一方面，短板集中体现在金融市场发展和开放不足，从贸易结算、融资货 币选择和汇率锚等多个渠道限制了对人民币的外汇储备持有。展望人民币国际化下一步的发展，根本而 言仍是市场力量驱动下水到渠成的结果，但适时适当的政策可以助推这一进程。我们提出了"三驾马 车"齐头并进的思路和具体的举措与建议，重点突破人民币跨境贸易结算、推进金融市场发展和开放、 以区域化为抓手推动人民币国际化和储备地位的持续提升。相信在上述市场力量和政策推动的作用下， 人民币有望更好克服与应对当前面临的内部障碍与外部挑战，抓住历史机遇，实现储备货币地位的跃 升。 ...

Group 1 - The former Bank of Japan official Sayuri Shirai stated that Japan is unlikely to sell its substantial U.S. Treasury holdings due to the dollar's status as a global reserve currency [1] - Japan and China are the two largest holders of U.S. Treasuries, and their actions are closely monitored, especially during times of rising U.S. Treasury yields [1] - Shirai emphasized that Japan has no other viable investment options, reinforcing the dollar's unshakeable position as a reserve currency due to the depth of U.S. capital markets and the country's technological competitiveness [1] Group 2 - European Central Bank President Christine Lagarde suggested that the euro could potentially rival the dollar if Eurozone governments strengthen their financial and security frameworks [2] - Shirai expressed skepticism about the euro's ability to replace the dollar, citing political divisions in Europe and insufficient depth in the region's capital markets [2] - In Asia, Shirai believes the renminbi is more likely to emerge as a potential competitor to the dollar, as China increases the use of its currency in trade [2] - The dollar's share in international reserves has been on a declining trend, currently at 58%, the lowest in decades, while the euro holds 20%, and the renminbi accounts for 2% [2]