A Comparative Study On Currency Internationdalization In China And Japan

In this dissertation the author uses the world economy historical research methods such as the time-space structure and logical evolution, and compares the differences of the monetary internationalization between China and Japan, from the perspective of the diachronism and synchronicity of the international financial historical time-space structure.From the diachronic view, there are four stages for the internationalization of JPY (Janpanese Yen) after World War Ⅱ, which are1973-1984start-up stage,1985-1989official pushing stage,1990-1998shrinking stage, and post-1990s regionalization stage. There are two stages for the internationalization of CNY (Chinese Yuan), which are mid-1990s nongovernmental driving cross border circulation stage and the official pushing stage since2009.With the comparison of the backgrounds and courses on the internationalization of CNY and JPY, the author found anachronism. The background and condition of the internationalization CNY in1997is similar as the internationalization of JPY in1973. It is the difference on the geographical structure and institution, which made the two countries’ currency internationalization different in manifestation and degree. China in2009faced the similar international backgrounds and opportunities as Japan in1985. The expansion of the internationalization of Yen, and the following shrinking after1990tells us that the currency internationalization is not as easy as expectation.After Asian Financial Crisis of1997, the internationalization of Yen and the internationalization of CNY came into synchronic stage. In the International Dollar System, Japan and China affect and interact with each other on the monetary internationalization. CNY and Yen compete with each other about the leading or the following position in Asian monetary cooperation.After the collapse of Bretton Woods System, the development on the international monetary system reform theory, currency selection theory, currency substitution theory and the regional monetary cooperation theory makes the research on the monetary internationalization deepen. The practice of the monetary internationalization since the Gold Standard System and the Yen expansion since1930s shows us the basic conditions that the international currency issuing country needs.After the theoretical analysis, the author compares the internationalization of CNY and Yen in the following four parts:Firstly, based on the basic conditions of the currency issuing countries, the author analyzes the backgrounds when the internationalization of CNY and JPY started up, from the perspective of the internal economy conditions, foreign economy relations, financial system characteristics and international financial orders.Secondly, the author compares the nongovernmental stage in the internationalization of CNY and JPY, that is analyzing the degree of the internationalization of JPY from the perspective of functions for the international currency including international trade settlements, deposit assets, international financing; illuminating the characteristics for the start-up stage of the internationalization of CNY from the perspective of the CNY circulation out of China, currencies swap between central banks and the off-shore center in Hong Kong; making a summary for the start-up stage of the internationalization of JPY and CNY.Then the author compares the internationalization process of CNY and JPY in East Asia. After the collapse of the Bretton Woods System, the author points out the leading role of USD in the process of the development on the international division of labor. Dollar System puts some restraints on the internationalization of CNY and JPY. The nature of the current international monetary system is Dollar System, Facing the fact, JPY and CNY carried out the monetary regionalization successively in East Asia, and had already made some progress.Finally, the author sums up the enlightenments from the internationalization of JPY, and points out the facts that there are competition and cooperation between China and Japan in the process of their monetary regionalization in East Asia, then looks forward and makes some suggestions on the internationalization of CNY based on the unique advantage of One Nation Four Currencies.