中金点睛 摘要 通常而言，市场自发力量、政策推动、历史惯性是一国货币取得国际储备货币地位的三大主要驱动力。 其中市场自发力量最为根本，具体包括预防性的国际支付需求、汇率稳定需求和保值需求。回顾历史， 在市场力量和政策推动下，美元、马克和日元储备货币地位都曾出现过跃升。当前人民币在全球外汇储 备中占比还比较小，仍有很大提升空间。因此，进一步提升人民币国际化和储备地位存在历史机遇，也 是必然发展趋势。 本文结合理论分析和市场主体调研发现，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，背后的原因是市场地位、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。针对上述内部障碍和外部挑战，如何抓住历史机 遇，实现人民币国际化和储备地位的跃升？本文提出了"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。 Text 正文 一、国际储备货币的基本特征和决定因 ...

Core Viewpoint - The article discusses the historical opportunities and necessary measures for enhancing the internationalization and reserve status of the Renminbi (RMB), emphasizing the need for a multi-faceted approach to overcome existing barriers and challenges [2][17]. Group 1: Characteristics and Determinants of International Reserve Currencies - International reserve currencies are defined as currencies widely accepted for international payments, with their status reflecting a country's comprehensive national strength and international standing [4]. - The three main drivers of a currency's reserve status are market forces, policy support, and historical inertia, with market forces being the most fundamental [4][5]. - The strength of market forces is determined by a currency's ability to meet the three primary demands for foreign exchange reserves: precautionary international payment needs, exchange rate stability needs, and value preservation needs [5][6]. Group 2: Progress and Significance of RMB as a Reserve Currency - Before the 2008 global financial crisis, RMB internationalization was limited, but post-crisis, demand for RMB surged due to China's economic recovery and trade rebound [14]. - The People's Bank of China has actively promoted RMB internationalization by enhancing its use in cross-border trade and investment, including the establishment of various mechanisms for RMB-denominated investments [14][16]. - Despite recent progress, RMB's share in global foreign exchange reserves remains below 2%, indicating significant room for improvement compared to its weight in the SDR basket [17]. Group 3: Main Obstacles to Enhancing RMB's Reserve Currency Status - The primary internal obstacles to RMB's reserve currency status include a mismatch between trade settlement and trade volume, and insufficient development and openness of the financial market [19][20]. - Trade settlement in RMB is significantly lower than China's trade volume, with only 3.87% of global trade settlements conducted in RMB, highlighting the need for increased acceptance and use of RMB in international transactions [22]. - Factors such as market position, financing conditions, and historical inertia contribute to the low adoption of RMB for trade settlements [23][24]. Group 4: "Three Carriages" to Enhance RMB's Reserve Currency Status - The article proposes a "three carriages" approach to enhance RMB's reserve currency status, focusing on promoting cross-border trade settlement in RMB, advancing financial market development and openness, and leveraging regionalization to boost RMB's international use [33][34]. - Key measures include increasing the use of RMB in major commodity imports, providing economic incentives for businesses to settle in RMB, and optimizing cross-border RMB settlement services for key enterprises [35][36]. - Developing both offshore and onshore RMB markets is crucial, with recommendations for improving market infrastructure and expanding the range of RMB-denominated financial products available to international investors [37][38].