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回溯英镑和美元在国际货币体系中的地位,可以发现其身后均具有极富广度深度而且非常强大的在岸债券市场。在英镑击败法郎、美元取代英镑的过程中,英国和美国国内的债券市场均发挥了决定性的作用。在提升人民币国际地位的过程中,同样离不开在岸债券市场的发展,特别是为了保证人民币内在价值、人民币汇率的稳定性以及防范资本项目开放过程中资本流动的风险,健全完善极富广度和深度的在岸债券市场极为重要。
Looking back on the position of the pound and the U.S. dollar in the international monetary system, we can find the extremely rich and profound offshore bond market behind them. As the pound beat the franc and the dollar replaced the pound, the domestic and UK bond markets both played a decisive role. In the process of enhancing the international status of RMB, the same can not be separated from the development of the onshore bond market. In particular, in order to ensure the intrinsic value of the renminbi, the stability of the RMB exchange rate and the risk of capital flow during the liberalization of capital account, And the depth of the onshore bond market is extremely important.