Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

Embed Size (px)

Citation preview

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    1/34

    NJBK Shrfkmc \npar Uarkas

    Rackhmni Uattiagamt Kmornstrueturanmj Eurramey Kmtarmntkhmnikzntkhm4Z`a Ensa ho Nskn nmj t`a Ramgkmbk

    E`nmcyhmc R`aa nmjIan Uuguihmc

    Mh. :13Oabrunry 2:

    Nsknm Javaihpgamt Bnmf Kmstktuta

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    2/34

    Z`a Shrfkmc \npar sarkas ks n ehmtkmuntkhm ho t`a ohrgariy mngaj Jkseusskhm \npar sarkas6t`a mugbarkmc ho t`a pnpars ehmtkmuaj wkt`hut kmtarruptkhm hr e`nmca. NJBKs whrfkmcpnpars raoiaet kmktkni kjans hm n thpke nmj nra phstaj hmikma ohr jkseusskhm. NJBK amehurncasranjars th phst t`akr ehggamts hm t`a gnkm pnca ohr ane` whrfkmc pnpar (ckvam km t`aektntkhm baihw). Uhga whrfkmc pnpars gny javaihp kmth ht`ar ohrgs ho pubikentkhm.

    Uuccastaj ektntkhm4

    R`aa, E., nmj I. Uuguihmc. 2:. Rackhmni Uattiagamt Kmornstruetura nmj EurrameyKmtarmntkhmnikzntkhm4 Z`a Ensa ho Nskn nmj t`a Ramgkmbk. NJBK Shrfkmc \npar :13. Zhfyh4Nsknm Javaihpgamt Bnmf Kmstktuta. Nvnkinbia4 `ttp4//www.njbk.hrc/whrfkmc-pnpar/2:/

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    3/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    Nbstrnet

    Z`a squaaza km Qmktaj Utntas jhiinr ikqukjkty t`nt agarcaj wkt` t`a cihbni okmnmekni erksks`kc`ikc`taj t`a rksfs km`aramt km t`a eurramt cihbni okmnmekni systag. Nskn wns njvarsaiy nooaetajby t`a erksks mht hmiy baenusa ho kts japamjamea hm trnja, but nish baenusa ho kts `anvyraiknmea hm t`a QU jhiinr ohr rackhmni nmj kmtarmntkhmni trnmsnetkhms. Ns Nskns rhia km t`a cihbniaehmhgy ehmtkmuas th axpnmj, kts japamjamea hm t`a QU jhiinr ks bhumj th kmeransa, rnkskmcourt`ar kts vuimarnbkikty th outura ikqukjkty s`hefs. Z`a usa ho rackhmni eurramekas ohr bkintarnitrnja sattiagamt ehuij rajuea sue` vuimarnbkikty. Ns jaghmstrntaj by t`a ramgkmbk trnjasattiagamt se`aga pkihtaj batwaam t`a \ahpias Rapubike ho E`kmn6 @hmc Fhmc, E`kmn6 nmjGnenh, E`kmn, t`a axkstamea ho npprhprknta okmnmekni kmornstruetura ehuij rajuea t`a raintkvaiyinrcar ehsts ho bkintarni eurramey trnmsnetkhms ehgpnraj wkt` trknmcuinr trnmsnetkhms t`rhuc` t`aQmktaj Utntas jhiinr. Ns ghst eamtrni bnmfs nra saeurktkas japhskthrkas ho chvarmgamt bhmjs,ehgbkmkmc trnja sattiagamt wkt` chvarmgamt bhmj saeurktkas sattiagamt ehuij nish `nva inrcasymarcy aooaets wkt`hut substnmtkni axtrn ehsts. Z`ks prhphsni jhas mht raqukra ouii ikbarnikzntkhmho t`a enpktni neehumt hr ouii jaracuintkhm ho enpktni gnrfats, nmj ks ghra phiktkeniiy oanskbia kmtrnmsktkhm. Ns sue`, axtamjkmc t`a trnja sattiagamt se`aga th t`a rast ho Nskn nmj nppamjkmc n

    chvarmgamt bhmj pnygamt nmj saeurktkas sattiagamt systag ehuij ba n prnetkeni shiutkhm thkmtarmntkhmni ghmatnry systag raohrg nmj t`a jkvarskokentkhm ho sattiagamt eurramekas.

    DAI Einsskokentkhm4O55, O5:, O:2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    4/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    Ehmtamts

    >. Kmtrhjuetkhm .................................................................................................................... 5

    2. Z`a Ramgkmbk Zrnja Uattiagamt Uystag ....................................................................... 1

    2.> Bnefcrhumj ........................................................................................................ 12.2 Z`a Zrnja Uattiagamt Orngawhrf ...................................................................... ?2.5 Z`a Amsukmc Rasuits ho t`a Ramgkmbk Zrnja Uattiagamt Ue`aga ...................... 02.: Iasshms Ianrmaj ............................................................................................. >:

    5. Axpnmjkmc nmj Jaapamkmc t`a Rackhmni Eurramey Uattiagamt Uystag ........................ >?

    5.> Axpnmskhm ho t`a Bkintarni Zrnja Uattiagamt Uystag ........................................ >?5.2 Ehgbkmkmc t`a Rackhmni Zrnja nmj Chvarmgamt Bhmjs Uattiagamt Uystags .. >;

    :. Raintkhms wkt` ht`ar Kmktkntkvas...................................................................................... 2:

    :.> Bnefcrhumj ...................................................................................................... 2::.2 NBGK nmj RUK .................................................................................................. 21:.5 NUANM+5 Iheni Eurramey Zrnjkmc Uystag ...................................................... 2?:.: Bkintarni Uwnps nmj Rackhmni Okmnmekni Unoaty Mats ........................................ 23

    1. Ehmeiuskhm ................................................................................................................... 20

    Raoarameas ............................................................................................................................. 2;

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    5/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    5

    >. KMZRHJQEZKHM

    Mhtwkt`stnmjkmc kts sueeass hvar t`a inst jaenjas, t`a kmtarmntkhmni ghmatnry systag(KGU) `ns s`hwm sygpthgs ho ornckikty. \arskstamt nmj raeurramt erksas, cihbnikgbninmeas, vhintkikty km axe`nmca rntas nmj enpktni oihws, ns waii ns t`a neeuguintkhmho inrca ohrakcm axe`nmca rasarvas nra hotam ektaj ns gnmkoastntkhms ho sue`wanfmassas. Kmjaaj, t`a cihbni okmnmekni erksks ho 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    6/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    :

    amehurnca RGB raeyeikmc, whuij rasuit km inrcar erhss-bhrjar RGB oihws nmj n inrcarsthef ho RGB `aij by mhm-raskjamts ([u 22b).

    Kmjaaj, t`a vniua ho RGB trnja sattiagamt trnmsnetkhms `ns gnsskvaiy kmeransaj, orhgdust EM[5.? bkiikhm km t`a saehmj `nio ho 2n, 22b, 25e).Mhm-trnja trnmsnetkhms `nva nish rksam tragamjhusiy. RGB japhskts `nj swaiiaj orhgEM[?2.3 bkiikhm nt amj-2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    7/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    1

    Nsshekntkhm ho Uhut`anst Nsknm Mntkhms (NUANM)+55

    Z`a rast ho t`ks pnpar ks hrcnmkzaj ns ohiihws4 Uaetkhm 2 ihhfs nt t`a axkstkmc RGB trnjasattiagamt se`aga kmvhivkmc t`a \RE6 @hmc Fhmc, E`kmn6 nmj Gnenh, E`kmn, oheuskmc

    hm t`a systag, prhcrass, kgpnets hm t`a hoos`hra RGB gnrfat, nmj prhspaets. Uaetkhm5 prasamts n prhphsni th axpnmj t`a eurramt bkintarni systags th ht`ar aehmhgkas nmjjaapam t`a se`aga by ehgbkmkmc t`a trnja sattiagamt systag wkt` chvarmgamt bhmjsattiagamt systags. Uue` n systag whuij `aip shiva t`a t`krj tkga zhma prhbiag nmjjavaihp okmnmekni gnrfats km Nskn. Uaetkhm : jkseussas t`a raintkhms`kp ho t`ks prhphsniwkt` ht`ar rackhmni kmktkntkvas sue` ns t`a NBGK, km pnrtkeuinr t`a kssuas ho bukijkmc nRackhmni Uattiagamt Kmtargajknry (RUK) nmj stramct`amkmc t`a rackhmni okmnmekni snoatymat. Uaetkhm 1 ehmeiujas.

    gagbars Nsknm Bhmj GnrfatsKmktkntkva (NBGK) notar t`a Nsknm okmnmekni erksks km >;;3 (NUANM Uaeratnrknt 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    8/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    ?

    E`kmn6 nmj NUANM gagbars. Z`a se`aga wns km aooaet axtamjaj th nii trnjkmcpnrtmars ho t`a saiaetaj 2< \RE prhvkmeas nmj ektkas. Km njjktkhm, t`a sehpa ho t`asattiagamt se`aga wns aminrcaj th kmeiuja sarvkeas nmj ht`ar eurramt neehumttrnmsnetkhms. N ourt`ar axpnmskhm ho t`a RGB trnja sattiagamt se`aga wnskgpiagamtaj km Nucust 2>, gnfkmc ehvarnca mntkhmwkja. Aikckbkikty th sattia trnja kmRGB wns nish hooaraj th nii ikeamsaj kgphrtars nmj axphrtars km chhj stnmjkmc kmGnre` 22. Z`ks bnskeniiy rapaniaj t`a systag ho `nvkmc th amikst ns n gnkminmjjaskcmntaj amtarprksa baohra cattkmc neeass th t`a pintohrg.

    Ghrahvar, t`a \RE nut`hrktkas rainxaj t`a ehumtrys enpktni rastrketkhms. Km Hethbar2>, RGB-jamhgkmntaj ohrakcm jkraet kmvastgamt (OJK) `nj baam niihwaj orhgGnenh, E`kmn nmj Znkpak,E`kmn th t`a \RE. Km pnrtkeuinr, amtarprksas km t`a twhaehmhgkas wara pargkttaj th usa hoos`hra RGB prheaajs ohr hms`hra OJK subdaet theartnkm rastrketkhms. :

    Z`a kmtrhjuetkhm ho t`a RGB trnja sattiagamt pkiht se`aga nmj kts subsaquamtaxpnmskhm `ns iaj th t`a astnbiks`gamt ho nm hoos`hra RGB gnrfat km @hmc Fhmc,E`kmn nmj th n iassar axtamt km Gnenh, E`kmn. S`kia t`a hrkckmni kmtamt ho t`a pkihtse`aga `nj baam th prhghta trnja sattiagamt, t`a iacni, racuinthry, nmj okmnmeknikmornstruetura km @hmc Fhmc, E`kmn nish skcmkokenmtiy amehurncaj mhm-trnja raintajokmnmekni trnmsnetkhms.

    ^unikokaj ohrakcm kmstktutkhmni kmvasthrs (^OKKs), uskmc hoos`hraRGB, wara ikfawksa niihwaj th kmvast km \RE sthef gnrfats km Jaeagbar 2>.Nit`huc` aqukty kmoihws wara kmktkniiy enppaj nt EM[2< bkiikhm, t`ks wns rnksaj thEM[3< bkiikhm km Nprki 22 (ja Ukivn nmj Znm 22). Zh prhvkja n supphrt gae`nmksg

    th t`a bukij-up ho RGB enpktni hvarsans, t`a \RE chvarmgamt `ns ikfawksanccrasskvaiy machtkntaj swnp ncraagamts wkt` n mugbar ho eamtrni bnmfs. Ns hoHethbar 25, netkva RGB swnp ikmas wkt` 2> pnrtmars thtniaj nbhut EM[2.1 trkiikhm(QU$:>< bkiikhm).

    Z`a crhwkmc kmtarmntkhmni neeaptnmea ho t`a RGB, ehupiaj wkt` raeamt ikbarnikzntkhmgansuras, `nva kmspkraj ht`ar okmnmekni eamtarssue` ns Ihmjhm, Ukmcnphra, nmjZnkpak,E`kmnth javaihp hoos`hra RGB enpnbkiktkas ns waii. \nrks `ns nish axprassajkts jaskra th ente` up wkt` t`a ht`ar okmnmekni eamtars. Km njjktkhm, n mugbar ho eamtrnibnmfs `nva s`hwaj kmtarast th kmeiuja RGB km t`a ehgphsktkhm ho t`akr ohrakcm rasarvas(BB_N 25).

    2.2 Z`a Zrnja Uattiagamt Orngawhrf

    Nm hvarvkaw ho t`a RGB trnja sattiagamt se`aga pintohrg km @hmc Fhmc, E`kmn ksprhvkjaj km Okcura >. Kmktkniiy, t`a systag raqukraj pnrtkekpntkmc amtarprksas th baneerajktaj by t`a \BhE nmj t`a @hmc Fhmc Ghmatnry Nut`hrkty (@FGN) km t`akr

    raspaetkva durksjketkhms.1

    : RGB OJK nppikentkhms vniuaj nt n gkmkgug ho EM[5, @UBE 2>).

    But t`a sehpa ho t`a orngawhrf mhw kmeiujas nii trnjkmc okrgst`nt kgphrt th nmj axphrt orhg t`a \RE racnrjiass ho t`a ihentkhm. Hmea nm RGB-bnsaj

    1Z`a Ghmatnry Nut`hrkty ho Gnenh, km t`a ensa ho Gnenh, E`kmn.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    9/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    3

    trnmsnetkhm batwaam hms`hra nmj hoos`hra pnrtkas `ns baam ncraaj, t`ara nra twhphsskbia nitarmntkvas ohr gnfkmc erhss-bhrjar pnygamts.

    Okcura >4 Z`a \RE@hmc Fhmc, E`kmn Ramgkmbk Uattiagamt Ue`aga

    Neet 7 neehumt6 Chvt 7 chvarmgamt6 @FC 7 @hmc Fhmc, E`kmn6 @FGN 7 @hmc Fhmc Ghmatnry Nut`hrkty6\BhE 7 \ahpias Bnmf ho E`kmn6 \RE 7 \ahpias Rapubike ho E`kmn6 ^JKK 7 qunikokaj jhgastke kmstktutkhmnikmvasthrs6 OKK 7 qunikokaj ohrakcm kmstktutkhmni kmvasthrs6 RGB 7 ramgkmbk.

    Uhurea4 Nut`hrs.

    Znfa t`a ensa ho nm hoos`hra kgphrtar. Hma wny th ghva oumjs ks by ehurskmc t`apnygamt t`rhuc` nm nut`hrkzaj pnrtkekpntkmc hvarsans bnmf t`nt wkii t`am `nva thtrnmsgkt kt th t`a jaskcmntaj hoos`hra eianrkmc bnmf. Ko t`a ens` trnmsnetkhm phsas mhehmearms bnsaj hm t`a racuintkhms ho \BhE nmj @FGN, t`a hoos`hra eianrkmc bnmf wkii`nva th e`nmmai t`a oumjs th t`a hms`hra sattiagamt bnmf baohra kt rane`as t`ahms`hra axphrtars RGB neehumt. Z`a ht`ar wny ks by `nvkmc n jhgastke ehggareknibnmf oumetkhmkmc ns nm ncamt ho t`a hvarsans pnrtkekpntkmc bnmf by vkrtua ho n bkmjkmcncraagamt. Km t`ks ensa, t`a ohrgar wkii `nva th hpam nm hms`hra kmtar-bnmf RGB oumjtrnmsoar neehumt ohr t`a inttar. Z`a jhgastke ncamt bnmf wkii nish ba t`a hma th sattiat`a erhss-bhrjar trnmsnetkhm nmj wkii `nva th raphrt trnmsnetkhm jatnkis th t`a iheni

    \BhE hookea.Mhtnbiy, hvarsans pnrtkekpntkmc bnmfs, hms`hra sattiagamt bnmfs, nmj jhgastke ncamtbnmfs `nva th ba npprhvaj by @FGN (hoos`hra) nmj \BhE (hms`hra) th cnkm aikckbkiktykm gajkntkmc RGB erhss-bhrjar trnja sattiagamts. Hoos`hra bnmfs nra ckvam t`a hptkhmth akt`ar pnrtkekpnta jkraetiy km t`a pintohrg hr ehmjuet buskmass kmjkraetiy vkn t`akrsubskjknrkas km @hmc Fhmc, E`kmn. Ghrahvar, t`a se`aga niihws nmy bnmf hutskja t`a\RE th tnfa pnrt km t`a systag (k.a., pnrtkekpntkhm ks mht ehmokmaj th bnmfs bnsaj km@hmc Fhmc, E`kmn). Ns ho Gnre` 25, n thtni ho 2,1

    RGB Neehumt

    Ncamey Ncraagamt

    Kgphrt Ehgpnmkas

    Kmtar-bnmf RGB Neet Hptkhm 2

    Axphrt Ehgpnmkas

    RGB

    suppiy

    @FGN

    Hoos`hra Eianrkmc

    Bnmf

    Hvarsans

    \nrtkekpntkmc Bnmf

    RGB Neehumt

    ^JKK/^OKKRGB bhmj kssunmea

    RGB Japhskt Gnrfat

    Buskmass eusthgars

    Kmjkvkjuni eusthgars

    RGB bhmjs gnrfat\RE Chv't

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    10/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    0

    RGB trnja sattiagamt km Gnenh, E`kmn prnetkeniiy ohiihws t`a snga ghjai, wkt` t`aGhmatnry Nut`hrkty ho Gnenh ns t`a suparvkskmc kmstktutkhm. Z`a Bnmf ho E`kmn (@hmcFhmc) Ikgktaj (BHE@F) nmj t`a Bnmf ho E`kmn Gnenu Brnme` wara jaskcmntaj ns t`ahoos`hra eianrkmc bnmfs km @hmc Fhmc, E`kmn nmj Gnenh, E`kmn, raspaetkvaiy. ?

    Hma mhtawhrt`y e`nmca nrkskmc orhg t`a kmeaptkhm ho t`a RGB trnja sattiagamt se`agakmornstruetura ks t`nt hoos`hra pnrtkas t`nt ncraa th sattia trnja trnmsnetkhms wkt` \REokrgs km RGB mhw `nva t`a onekikty th ehmvart RGB th ht`ar gndhr eurramekas wkt`raintkva ansa ko t`a maaj nrksas. Z`nt skcmkokenmtiy ehmtrkbutaj th t`a kmeransa km t`ajagnmj ohr RGB japhskts km @hmc Fhmc, E`kmn nmj ehmsaquamtiy km t`a rksa ho mhm-

    trnja raintaj okmnmekni trnmsnetkhms sue` ns RGB-jamhgkmntaj bhmj kssunmea nmjnssat gnmncagamt. Z`ks tramj ks `aipaj by t`a aookekamt pnygamt nmj saeurktkassattiagamt systags km @hmc Fhmc, E`kmn, kmeiujkmc kts guitkeurramey Rani Zkga CrhssUattiagamt (RZCU) systag (shgat`kmc w`ke` Gnenh, E`kmn stkii jhas mht `nva

    Assamtkniiy, t`a twh nohragamtkhmaj Bnmf ho E`kmn nookikntas wara nut`hrkzaj th ehmvartohrakcm eurramekas kmth RGB nmj th utkikza erajkt ikmas wkt` t`a kmtar-bnmf ohrakcmaxe`nmca nmj kmtar-bnmf bhrrhwkmc gnrfat km t`a \RE km neehrjnmea wkt` t`apnrngatars sat by t`a \BhE (\BhE 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    11/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    ;

    @hmc Fhmc, E`kmn km Nprki 25, :3 `nj usaj RGB ns t`a sattiagamt eurramey ohr ntianst >? tkgas nmj ks ikfaiy th rackstar n crhwt` rnta ho nbhut 1?.? >.> 2;2.>

    \arkhj@FC RZU,% ho Zhtni

    RZU

    GNERZU,% ho

    ZhtniRZU

    RaskjuniRZU,

    % ho ZhtniRZU

    Zhtni RZU,% ho \RE Zhtni

    Zrnja

    @FC RZU,% ho \RE trnja

    wkt` @FC

    GNE RZU,% ho \RE trnja

    wkt` GNE

    DuiJae 2 >2.< >22.> 1>?.>

    DnmUap 25 02.0 5.: >5.0 >?.? >1?.2 3:>.:

    Nva 7 nvarnca6 Bm 7 bkiikhm6 EM[ 7 yunm6 @FC 7 @hmc Fhmc, E`kmn6 GNE 7 Gnenh, E`kmn6 Gh. 7 ghmt`iy6\RE 7 \ahpias Rapubike ho E`kmn6 RGB 7 ramgkmbk6 RZU 7 RGB trnja sattiagamt.

    Mhta4 RZU ehvars chhjs nmj sarvkeas trnja, w`kia thtni trnja raoars th gare`nmjksa trnja hmiy. Ohrehmskstamey, nii trnja jntn wara shureaj orhg t`a \RE stntkstkes.

    Uhureas4 EAKE, \BhE, @FGN, Ghmatnry Nut`hrkty ho Gnenh, nmj nut`hrs' enieuintkhms.

    Kmktkniiy, trnja sattiagamts `nj baam inrcaiy kgphrt-hrkamtaj (k.a., RGB oihws warabknsaj km onvhr ho sattikmc \RE kgphrts ns hpphsaj th kmvhkekmc \RE axphrts). Z`araeakpt-th-pnygamt rntkh by t`a amj ho 2< wns >41.1 (\BhE 22n). But crnjuniiy, t`arntkh saags `anjaj thwnrj n ghra bninmeaj RGB oihw. Km 2>, t`a rntkh kgprhvaj th>4>.3, w`kia ns ho amj-22 kt sthhj nt >4>.2 (\BhE 25n).

    Z`ks tramj ks kmavktnbiy raintaj th gnrfat axpaetntkhms ho RGB nppraekntkhm nmjnrbktrnca hpphrtumktkas batwaam t`a hms`hra RGB (EM[) nmj hoos`hra RGB (EM@)gnrfats. T`nmc nmj Pu (2>) s`hw t`nt t`a RGB raeakpt-th-pnygamt rntkh ks `kc`iyehrraintaj wkt` t`a EM@EM[ spranj. But jaspkta t`a raeamt mnrrhwkmc ho t`a EM@EM[ spranj, t`a crhwt` km RZU `ns ragnkmaj rhbust. RZU km 22 stkii craw yanr-hm-

    yanr by :>.2% (nmj km t`a okrst ; ghmt`s ho 25 by 1:.:%), nibakt substnmtkniiy sihwart`nm t`a 5>>% yanr-hm-yanr axpnmskhm rackstaraj km 2>. Eartnkmiy, t`a nbsamea ho n

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    12/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >>

    Okcura 24 Hutstnmjkmc Ramgkmbk Japhskts km @hmc Fhmc, E`kmn

    EM[ 7 yunm, RGB 7 ramgkmbk.

    Uhureas4 EAKE, @FGN, nmj Ghmatnry Nut`hrkty ho Gnenh.

    Z`a rnpkj axpnmskhm ho RGB trnja sattiagamt nmj t`a neehgpnmykmc gansuras t`ntraenikbrntaj ht`ar enpktni oihw phikey racuintkhms, sue` ns t`a ekreuinrs rainxkmc OJK;, >>, >2 `nva bhistaraj t`a crhwt` ho t`a RGB bhmjgnrfat km @hmc Fhmc, E`kmn (nish fmhwm ns t`a jkg sug bhmj gnrfat). Orhg hmiyEM[>< bkiikhm km 2 nmj EM[20>.; bkiikhm km 22 (Okcura 5). >5Km t`a okrst >< ghmt`s ho 25,

    bhmj kssunmea swaiiaj th EM[5 ns ho amj-22>:

    w`kia t`a mugbar ho bhmj kssuars kmeransaj orhg dust t`raa km 22: km 22. Orhg DnmunryHethbar 25, ;:5 bhmjs warakssuaj by >>> kssuars.

    ;

    GHOEHG (2>), w`ke` baenga aooaetkva hm >2 Hethbar 2>.>b), w`ke` baenga aooaetkva hm >5 Hethbar 2>.

    >>Z`a ramgkmbk qunikokaj ohrakcm kmstktutkhmni kmvasthr se`aga ks chvarmaj by t`a \kiht Ue`aga ohr JhgastkeUaeurktkas Kmvastgamt.

    >2 \ravkhusiy, n ohrakcm ehgpnmy ehuij hmiy pnrtkekpnta km t`a \REs saeurktkas gnrfat vkn t`a qunikokajohrakcm kmstktutkhmni kmvasthr prhcrng w`araby t`a ehgpnmy enm ehmvart ohrakcm eurramey th RGB th tnfapnrt km t`a trnjkmc. Z`a V\ahpias Rapubike hoW E`kmn Uaeurktkas Racuinthry Ehggksskhm `ns th npprhvat`a nppikentkhm w`kia t`a Utnta Njgkmkstrntkhm ho Ohrakcm Axe`nmca jatargkmas t`a niihentkhm ho quhtn.

    >5 Kmktkniiy, bhmj kssuars wara ikgktaj th shvarakcm amtktkas nmj \RE bnmfs, but t`asa `nva axpnmjaj thkmeiuja guitkmntkhmni ehrphrntkhms (sue` ns Entarpkiinr, GeJhmnijs, Zaseh, Qmkiavar, nmj _hifswncam)nmj guitkintarni hrcnmkzntkhms (sue` ns t`a Nsknm Javaihpgamt Bnmf, t`a Shrij Bnmf, nmj t`aKmtarmntkhmni Okmnmea Ehrphrntkhm).

    >:

    Km Gny 22, t`a Mntkhmni Javaihpgamt nmj Raohrg Ehggkttaa jaekjaj th niihw mhm-okmnmekniehrphrntkhms km t`a gnkminmj th kssua RGB bhmjs km @hmc Fhmc, E`kmn (NMT Rasanre` 22).

    1%

    2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    14/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >2

    Okcura 54 Ramgkmbk Bhmj Kssunmea km @hmc Fhmc, E`kmn

    EM[ 7 yunm6 @FC 7 @hmc Fhmc, E`kmn6 \RE 7 \ahpias Rapubike ho E`kmn6 RGB 7 ramgkmbk6 QU 7 QmktajUtntas.

    Uhurea4 Nut`hrs enieuintkhms orhg Bihhgbarc jntn.

    Z`a RGB enpktni gnrfat km @hmc Fhmc, E`kmn nish snw skznbia ehrraetkhms km faykmjkeas jua th t`a crnjuni hpamkmc ho t`a \REs enpktni neehumt. Ohr kmstnmea,shvarakcm ykaij spranjs>1 (EM[EM@) mnrrhwaj orhg n rnmca ho >.;5.0 pareamtncaphkmts km Duma 2>, th iass t`nm `nio n pareamtnca phkmt km Hethbar 22 (hm nvarnca)baohra sattikmc nrhumj > pareamtnca phkmt backmmkmc km Duma 25. Japhskt rnta spranjs(EM[EM@) swumc orhg n phsktkva gnrckm ho 25 pareamtnca phkmts km Duma 2> thbaihw zarh km Duma 25, but turmaj phsktkva ncnkm (nt nrhumj > pareamtnca phkmt) ntt`a amj ho Nucust 25. Ukgkinriy, t`a @nmc Uamc E`kmn N@ \ragkug Kmjax, >?w`ke``nj baam trnjkmc nt n pragkug ho hvar >2:5

    RGB `ub ns t`a cntawny ohr \hrtucuasa-spanfkmc trnjkmc pnrtmars ho t`a \RE. Z`atnrcat gnrfats kmeiuja Nmchin, Brnzki, Enpa _arja, Anst Zkghr, Cukman-Bkssnu,Ghzngbkqua, \hrtucni, nmj Uh Zhg nmj \rmekpa (Zamc 25). Z`a E`nkrgnm ho t`aGhmatnry Nut`hrkty ho Gnenh `ns mhtaj t`a kmeranskmc aehmhgke tkas batwaam t`a \REnmj t`a Iushp`hma (k.a., \hrtucuasa-spanfkmc) ehumtrkas hvar t`a yanrs. Avkjamtiy,bnsaj hm t`a KGO Jkraetkhm ho Zrnja Utntkstkes, bkintarni trnja crhwt` batwaam t`a twhbihes nvarncaj 5;.:% nmmuniiy orhg 2;

    Ukmcnphra nkgs th ehrmar t`a crhwkmc \RE trnmsnetkhm vhiuga ho Uhut`anst Nsknmehumtrkas, w`ke` th n eartnkm axtamt whuij put kt tha-th-tha wkt` @hmc Fhmc, E`kmn. Z`agnrfat jkj mht jksnpphkmt w`am Ukmcnphra hpamaj kts bkj th e`niiamca @hmc Fhmc,

    >0Bnsaj hm jntn orhg Bihhgbarc.>;

    Bnsaj hm t`a gajkn raiansa ho t`a Bnmf ho E`kmn (25), ?: bnmfs nra eurramtiy tnfkmc pnrt km RGBkmtargajkntkhm km Znkpak,E`kmn. Z`ks kmjkentas t`nt mkma km avary >< bnmfs km Znkpak,E`kmn hooar RGBonekiktkas. Neehrjkmc th t`a stntkstkes phstaj hm t`a wabskta ho t`a eamtrni bnmf ho Znkpak,E`kmn, t`ara nra n

    thtni ho ?; bnmfkmc kmstktutkhms km Znkpak,E`kmn, ho w`ke` :> nra jhgastke nmj 20 nra ohrakcm bnmfnookikntas bnsaj km Znkpak,E`kmn.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    16/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >:

    E`kmns jhgkmnmea km onekiktntkmc RGB janikmcs. Zwh buskmass jnys notar t`a raiansa hot`a ekreuinr racnrjkmc t`a ehmjuet ho RGB buskmass km Ukmcnphra, @UBE nmj UtnmjnrjE`nrtaraj kssuaj t`a okrst Ikhm Ekty RGB bhmjs thtnikmc EM[>.1 bkiikhm. UtnmjnrjE`nrtaraj rhiiaj hut n 5-yanr EM[> bkiikhm bhmj nt 2.?2%, w`ke` wns t`raa tkgashvarsubserkbaj. @UBE, hm t`a ht`ar `nmj, oihntaj EM[1`ns nishbaam engpnkcmkmc qukta strhmciy th `nva kts hwm eianrkmc bnmf nmj th aooaetkvaiybaehga t`a RGB ehrrkjhr ho t`a ehmtkmamt. Neehrjkmc th t`a Uwkot RGB trnefar (25n),t`a Qmktaj Fkmcjhg (QF) ks t`a inrcast RGB ragkttar th t`a \RE nmj @hmc Fhmc,E`kmn. Z`us, kt gnfas samsa ohr t`a Ekty th ihbby ohr kts hwm pintohrg. Skt` t`a \REtrykmc th rngp up kts buskmass kmtarasts hutskja Nskn, t`a wkja-rnmckmc Ihmjhm okmnmeknisaethr stnmjs th enpktnikza hm t`a gnsskva phtamtkni ho RGB-bnsaj kmtarmntkhmni oihws.22Km Hethbar 25, t`a QF nmj t`a \RE rane`aj nm ncraagamt crnmtkmc Ihmjhm-bnsajkmstktutkhmni kmvasthrs n EM[0< bkiikhm quhtn th kmvast km \RE jhgastke saeurktkast`rhuc` t`a ramgkmbk qunikokaj ohrakcm kmstktutkhmni kmvasthr se`aga. Z`a ohiihwkmcghmt` Ihmjhm nish pinyaj `hst th t`a okrst RGB bhmj kssunmea ho n \RE kmstktutkhmhutskja ho \RE durkjkeni tarrkthry w`am KEBE sueeassouiiy machtkntaj EM[2 bkiikhm whrt`ho jabt mhtas wkt` kmvasthrs bnsaj km t`a Amciks` enpktni, eagamtkmc Ihmjhms stnturans Aurhpas ianjkmc RGB `ub.25

    Kmjaaj, wkt` t`a astnbiks`gamt ho RZU nmj t`a kgpiagamtntkhm ho t`a nsshekntajjaracuintkhm gansuras, hoos`hra ikqukjkty ekreuintkhm nmj ehgpatktkhm `nva kgprhvaj,t`a cnps batwaam t`a oumjngamtni hms`hra gnrfat kmjkeas nmj t`akr hoos`hraehumtarpnrts `nva mnrrhwaj, nmj hoos`hra RGB-raintaj buskmass `ns oihurks`aj.

    2:

    2.: Iasshms Ianrmaj

    Z`a pkiht RGB trnja sattiagamt se`aga prhvkjas n oaw iasshms ohr Nskn ehmearmkmc ktsrhia km raohrgkmc t`a KGU.

    Okrst, kt s`hws t`nt bukijkmc t`a maeassnry ghmatnry nmj okmnmekni kmornstruetura enmgnfa n jkooaramea. Inef ho kmornstruetura nmj `kc` trnmsnetkhm ehsts batwaam mhm-QU

    2 Z`a ikst ho bnmfs kmeiujas Bnmf ho E`kmn, Bnreinys, E`kmn Ehmstruetkhm Bnmf, Ektk, Jautse`a Bnmf,@UBE, KEBE, D\ Ghrcnm, Rhyni Bnmf ho Uehtinmj, nmj Utnmjnrj E`nrtaraj.

    22 Km njjktkhm th Ihmjhm, Ornmfourt nmj Uyjmay nra nish raphrtajiy ernotkmc strhmc ensas th baehga RGB`ubs.

    25Z`a okrst RGB bhmj kssunmea km Ihmjhm wns jhma by @UBE @hijkmcs km Nprki 22. Z`a bhmj hooar rnfajkm EM[2 bkiikhm. Z`ks wns ohiihwaj by n bhmj tamjar by t`a Nustrnikn nmj Maw Taninmj Bnmfkmc CrhupIkgktaj nghumtkmc th EM[> bkiikhm km Nucust 22 (Ekty ho Ihmjhm 22).

    2:Ake`amcraam (22) nrcuas t`nt t`a \REs pinm ohr t`a RGB th rkvni t`a QU jhiinr japamjs hm `hw ktnjjrassas t`a ohiihwkmc e`niiamcas km t`a ihmc rum4 (k) bukijkmc ghra ikqukj okmnmekni gnrfats6 (kk) hpamkmc

    t`a enpktni neehumt6 (kkk) `nmjikmc t`a crhwt` sihwjhwm6 nmj (kv) gnfkmc erajkbia ehggktgamts th javaihpjaap nmj ikqukj okmnmekni gnrfats.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    17/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >1

    jhiinr eurramekas nra t`a prkga ranshms ohr t`a trknmcuinr trnmsnetkhm ho mhm-QU jhiinreurramekas t`rhuc` t`a QU jhiinr nmj t`a sfaptkeksg t`nt mh eurramey enm rapinea t`arhia ho t`a QU jhiinr ns cihbni rasarva eurramey km t`a manr outura. But t`a RGB trnjasattiagamt se`aga s`hws t`nt t`ks enm ba n e`kefam nmj acc quastkhm. Kt ks n chhjaxngpia ho `hw prhpar kmornstruetura enm onekiktnta trnja trnmsnetkhms nmj camarnta mawjagnmj. Z`ks axparkamea kgpikas t`nt, rnt`ar t`nm oheuskmc hm w`nt t`a maw cihbnirasarva eurramey s`huij ba, bukijkmc t`a maeassnry ghmatnry nmj okmnmeknikmornstruetura nmj iattkmc gnrfats jatargkma t`a wkmmar gny ba nm npprhprkntanpprhne` km raohrgkmc t`a KGU. Kt ks trua t`nt gnrfats, mht chvarmgamts, jatargkmasattiagamt eurramekas, but phikey nish pinys n rhia. Nskns javaihpgamt axparkamea kmpnrtkeuinr jaghmstrntas t`nt chvarmgamts enm bukij kmornstruetura th nooaet gnrfatse`hkea. Nskn `ns mht yat kmvastaj km erhss-bhrjar okmnmekni kmornstruetura nmj ko Nsknehmtkmuas th nvhkj jhkmc sh, `kc` trnmsnetkhm ehsts nmj rksfs wkii ragnkm.

    Uaehmj, nmht`ar kgphrtnmt kgpikentkhm orhg t`ks axparkamea ks t`nt ouii ikbarnikzntkhm hot`a enpktni neehumt hr ouii jaracuintkhm ho enpktni gnrfats ks mht raqukraj ohr n eurrameyth ba kmtarmntkhmnikzaj. Zh ba n rasarva eurramey, ouii ehmvartkbkikty gny ba maeassnry,

    but astnbiks`kmc rackhmni sattiagamt eurramekas gny mht raqukra ouii ikbarnikzntkhm. Z`aensas ho t`a Dnpnmasa yam nmj t`a ohrgar Cargnm gnrf jaghmstrnta t`nt n eurrameyenm ba usaj ohr sattiagamt nmj rasarva `hijkmcs w`kia ragnkmkmc subdaet th eartnkmenpktni ehmtrhis. Ukgkinriy, t`a RGB trnja sattiagamt se`aga ks n `kc`iy rastrketkva nmjehmtrhiiaj systag but kt enm stkii ehmtrkbuta th rajuekmc QU jhiinr japamjamea nmjjkvarskokentkhm ho kmtarmntkhmni sattiagamt eurramekas km t`a gajkug targ. Z`a oanr horksfs kmvhivaj km enpktni gnrfat ikbarnikzntkhm nmj jaracuintkhm enmmht ba nm nrcugamtncnkmst t`a kmtarmntkhmnikzntkhm ho iheni eurramekas. Hma enm nrcua t`nt t`a RGB trnjasattiagamt se`aga enm enusa ghra spaeuintkhm nmj vhintkikty ns kt ehmtrkbutas thkmeransaj hoos`hra netkvktkas ([u 22b6 Gniinby nmj Sat`kmcthm 2>). @hwavar, t`ksvkaw ks shgaw`nt axnccarntaj. Avam wkt`hut t`a RGB trnja sattiagamt se`aga, t`amhm-jaikvarnbia ohrwnrj (MJO) gnrfat enm oihurks` nmj nooaet jhgastke ghmatnry phikeygnmncagamt nmj vhintkikty km n skgkinr wny th t`a RGB trnja sattiagamt se`aga. Z`araeamt axparkamea ho t`a Rapubike ho Fhrans whm MJO gnrfat ks n ensa km phkmt. Ht`araxngpias kmeiuja t`a Nustrniknm jhiinr nmj t`a Gaxkenm pash, w`ara hoos`hra enpktnignrfat javaihpgamts praeajaj iheni gnrfats. Kt ks trua t`nt t`a RGB trnja sattiagamtse`aga enm kmeransa hoos`hra japhskts nmj t`araby hoos`hra RGB bhrrhwkmcs, w`ke`enm ba usaj ohr iavarncaj spaeuintkva nttnefs. @hwavar, t`a banuty ho t`a eurramtsystag ks t`nt t`a \RE chvarmgamt ks iknbia hmiy up th shga guitkpia vniua hosattiagamt ho trnja-raintaj pnygamts, ikgktkmc t`a phsskbkikty ho spaeuintkva nttnefs. Hmt`a ht`ar `nmj, kt spurs t`a javaihpgamt ho saiaetaj enpktni gnrfat kmstrugamts kmhoos`hra gnrfats. Ehgpnraj wkt` kts ihmc-targ bamaokts, sue` ns iheni eurrameyjamhgkmntaj hoos`hra enpktni gnrfat javaihpgamt nmj n crnjuni ianrmkmc axparkamea

    ohr gnmnckmc enpktni gnrfat hpamkmc, t`a ehst jhas mht saag inrca. Z`ks ks avam ghraneeurnta ko wa ehmskjar t`nt t`a MJO gnrfat ohr t`a RGB whuij `nva javaihpaj gue`onstar nmywny.

    Z`krj, th ba aooaetkva, pnygamts nmj saeurktkas sattiagamt systags s`huij ch `nmj km`nmj. \ahpia whuij mht hwm RGB japhskts ko t`a hpphrtumktkas ohr gnmnckmc t`akrnssats wara ikgktaj. Km ht`ar whrjs, t`a nvnkinbkikty ho ht`ar kmvastgamt hpphrtumktkas ohrRGB, sue` ns RGB bhmjs nmj RGB kmvastgamt nmj nssat gnmncagamt prhjuets, ksnm kgphrtnmt nspaet ho t`a systag t`nt `ns prhghtaj t`a wkjar usa ho t`a RGB. Z`kskmvastgamt hpphrtumkty whuij mht `nva nrksam `nj n saeurktkas sattiagamt systag mhtbaam km pinea. Z`a anriy sueeass ho t`a RGB trnja sattiagamt systag ks pnrtiy jua tht`a aookekamt saeurktkas trnjkmc nmj sattiagamt systag km @hmc Fhmc, E`kmn, w`arakmornstruetura ohr pnygamt vs. pnygamt ks nvnkinbia thcat`ar wkt` kmornstruetura ohrjaikvary vs. pnygamt ohr RGB saeurktkas. N dhkmt pnygamts sattiagamt nmj saeurktkas

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    18/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >?

    sattiagamt kmornstruetura enm nish shiva t`a erhss-bhrjar saeurktkas sattiagamt rksfs, t`ash-eniiaj t`krj tkga zhma prhbiag, ns wkii ba jkseussaj km t`a maxt saetkhm.

    5. AP\NMJKMC NMJ JAA\AMKMC Z@A RACKHMNIEQRRAME[ UAZZIAGAMZ U[UZAG

    5.> Axpnmskhm ho t`a Bkintarni Zrnja Uattiagamt Uystag

    Ehmskjarkmc t`a kmktkni sueeass ho t`a RGB trnja sattiagamt systag, hma enm t`kmf hotwh hptkhms ohr ourt`ar prhghtkhm ho RGB kmtarmntkhmnikzntkhm. Hma ks th axpajkta enpktnignrfat ikbarnikzntkhm nmj niihw ghra rapntrkntkhm ho t`a RGB km hvarsans gnrfats th t`a\RE (Gn, Iku, nmj Gknh 22). Nm nitarmntkva npprhne` whuij ba ourt`ar axpnmskhm hot`a trnja sattiagamt se`aga th makc`bhrkmc aehmhgkas. Qmikfa jurkmc t`a okrst p`nsa hoyam kmtarmntkhmnikzntkhm, 21 bht` hptkhms nra ehmskstamt wkt` t`a nppnramt phikeywkiikmcmass ho t`a \RE nut`hrktkas th pus` t`a RGB up t`a rasarva eurramey injjar kmt`a ihmc rum.2?

    Skt` t`a vhiuga ho hoos`hra RGB japhskts kmeranskmc, t`ara `ns baam nmj wkii ba ghrahutskja prassura hm t`a \RE th niihw t`a jaracuintkhm ho enpktni gnrfats t`rhuc` t`arapntrkntkhm ho RGB hoos`hra th t`a \RE. Niihwkmc ghra rapntrkntkhm nmj enpktni gnrfatikbarnikzntkhm wkii jaokmktaiy neeaiarnta t`a kmtarmntkhmnikzntkhm ho t`a RGB nmj bakmavktnbia km t`a ihmc rum. But jaracuintkhm wkii ehgpikenta axe`nmca rnta nmj ghmatnryphikey gnmncagamt ns waii ns phsa rksfs ho enpktni vhintkikty km t`a s`hrt rum. Avamt`huc` ghra jaracuintkhm ks eniiaj ohr, t`a \RE chvarmgamt maajs th enraouiiyjaikmanta batwaam t`a phikey hbdaetkva ho amsurkmc nm hrjariy enpktni gnrfatjaracuintkhm nmj t`a hbdaetkva ho javaihpkmc hoos`hra enpktni gnrfats nmj prhghtkmcRGB kmtarmntkhmnikzntkhm. Ns sue`, kt gny maaj th ehmskjar okrst axpnmjkmc t`a eurramt

    trnja sattiagamt se`aga th ht`ar rackhmni aehmhgkas sue` ns Dnpnm, NUANM, nmj t`aRapubike ho Fhran. Z`ks wny t`a \RE enm ehmtkmua wkt` kts RGB kmtarmntkhmnikzntkhmpinm w`kia crnjuniiy jaracuintkmc nmj jaapamkmc RGB-jamhgkmntaj okmnmekni gnrfats.

    Km onet, axpnmjkmc t`a iheni eurramey trnja sattiagamt se`aga kmth n rackhmni trnjasattiagamt systag jhas mht maaj th ba iaj by t`a \RE nihma. Ns n prnetkeni shiutkhm ohrKGU raohrg, Nsknm aehmhgkas ehuij kmtrhjuea n bkintarni hr guitkintarni trnja-raintajpnygamt sattiagamt se`aga sue` ns t`nt batwaam t`a \RE nmj t`a eurramt hoos`hra`ubs. Axtamjkmc t`a trnja sattiagamt se`aga th rackhmni aehmhgkas jhas mht kgpiyt`nt nii rackhmni eurramekas wkii ba kmtarmntkhmnikzaj hr usaj ohr sattiagamt ho trnjatrnmsnetkhms. Gnrfats wkii jatargkma w`ke` eurramekas wkii ba ghra wkjaiy usaj ohrtrnja sattiagamts, nmj t`a RGB wkii ghst ikfaiy jhgkmnta. But krraspaetkva ho w`ke`

    eurramey wkii ba usaj ghra hotam hr e`hsam by t`a gnrfat, t`a agarcamea ho rackhmnieurramekas ns trnja sattiagamt eurramekas wkii rajuea javaihpkmc Nskns japamjamea hmt`a QU jhiinr nmj ehmtrkbuta th t`a jkvarskokentkhm ho kmtarmntkhmni sattiagamt eurramekas.Kmjaaj, t`asa ncraagamts jh mht avam `nva th ba ikgktaj th Nsknm aehmhgkas. Zrnja

    21Z`a prheaajkmcs km t`a kmtarmntkhmnikzntkhm ho t`a yam enm ba jkvkjaj kmth twh p`nsas. Z`a okrst p`nsa ksorhg t`a >;3;0;;6 Gnzknj nmj Fnmc 22).

    2?

    Gniinby nmj Sat`kmcthm (2>) jkseuss t`a phiktkeni aehmhgy ba`kmj t`a umhrt`hjhx saquamekmc ho RGBkmtarmntkhmnikzntkhm.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    19/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >3

    nghmc agarckmc aehmhgkas ks hm t`a rksa, nmj iheni eurramey trnja sattiagamts ehuijonekiktnta t`a kmtacrntkhm ho kmtarrackhmni agarckmc gnrfats ghra brhnjiy.

    Kmtrn-rackhmni trnja `ns crhwm tragamjhusiy hvar t`a pnst 5 jaenjas. Km >;; bkiikhm (aqukvniamt th nm nvarnca nmmuni crhwt` rnta ho >2.:%). Ehmskjarkmct`a rkskmc gkjjia kmehga einss km Nskn nmj t`a prhtrnetaj sihwjhwm km njvnmeajaehmhgkas, Nsknm trnjars nra ikfaiy th ihhf ourt`ar th t`akr makc`bhrs ns nitarmntkvajastkmntkhms ho t`a chhjs t`ay prhjuea. Ko rackhmni trnjars ehmtkmua th usa t`a QU jhiinrth sattia trnmsnetkhms, t`a vuimarnbkikty ho Nsknm aehmhgkas wkii kmeransa.

    Ns mhtaj nbhva, RGB erhss-bhrjar trnja sattiagamt km @hmc Fhmc, E`kmn nmj Gnenh,E`kmn `ns niranjy axeaajaj >

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    20/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >0

    @nvkmc sue` nm kmstktutkhm iassamaj gnrfat vhintkiktkas nmj kgprhvaj t`a kmvastgamteikgnta. Z`a ORN nish jkj nwny wkt` rastrketkhms hm ohrakcm bnmf brnme`kmc ns waii nstrnja okmnmekmc nmj prhvkjaj n struetura ohr QU bnmfs th axpnmj t`akr hvarsanshparntkhms, aspaekniiy t`a prhghtkhm ho QU jhiinr-jamhgkmntaj trnja erajkts. 5).

    5>Z`a wnr,w`ke` jksdhkmtaj bht` t`a oihw ho ehgghjkty nmj trnja okmnmekmc km Aurhpa, rasuitaj kmkmeransaj kmtarmntkhmni jagnmj ohr QU ehgghjktkas nmj QU jhiinr trnja erajkt. Notart`a wnr, mh ehumtry km Aurhpa wns km n phsktkhm th ehgpata wkt` t`a QU aehmhgkeniiy hrokmnmekniiy. Rnt`ar, phst-wnr raehmstruetkhm brhnjamaj t`a trnja nmj okmnmeknijapamjamea ho Aurhpa hm t`a QU, nmj pineaj t`a QU jhiinr gue` ghra okrgiy nt t`aeamtar ho t`a kmtarmntkhmni ghmatnry systag. Nt shga phkmt km t`a gkj->;2;;;, t`asa kmjapamjamtsystags wara ikmfaj thcat`ar vkn t`a Zrnms-Aurhpanm Nuthgntaj Rani-Zkga CrhssUattiagamt Axprass Zrnmsoar (ZNRCAZ) systag ohiihwkmc t`a jaokmktkhm ho `nrghmkzaj

    50?5 t`nt praeajaj t`a Oajarni Rasarva Bnmf Net ho >;>5 `nj strket brnme`kmcrastrketkhms. Mntkhmni bnmfs wara mht niihwaj th `nva brnme`as km ht`ar ehumtrkas, mhr nt tkgas avam kmht`ar stntas. Mntkhmni bnmfs wara nish prh`kbktaj orhg amtarkmc kmth trnja erajkt trnmsnetkhms. Z`a hmiymntkhmni bnmf mht ehvaraj by t`a racuintkhm wns t`a Kmtarmntkhmni Bnmfkmc Ehrphrntkhmn spaeknikzajkmstktutkhm erantaj th oheus hm hvarsans bnmfkmc, but w`ke` wns mht niihwaj th jaikvar bnmfkmc sarvkeasjhgastkeniiy hm nmtktrust crhumjs. Nit`huc` trust ehgpnmkas wara pargkttaj th brnme` hut hvarsans, hmiyn `nmjoui ho kmstktutkhms jkj araet brnme`as hm ohrakcm shki. Uhga bkc QU prkvnta bnmfs t`nt wara hutskjat`a sehpa ho mntkhmni racuintkhms nmj `nj hvarsans hookeas ehuij `nva anskiy amtartnkmaj trnja erajkttrnmsnetkhms. But kmeamtkvas th jh sh wara ihw. Z`ay wara inrcaiy `ngparaj by t`akr ehst jksnjvnmtncaehgpnraj wkt` t`akr Aurhpanm ehumtarpnrts. Z`a QU, km t`a nbsamea ho n eamtrni okmnmekni gnrfatracuinthr nmj n iamjar ho inst rashrt, ehmstnmtiy sueeugbaj th `kc`iy vhintkia gnrfat swkmcs, gnfkmckmvastgamt netkvktkas (avam rasarva pineagamt) vary rksfy. Z`a QU nt t`nt tkga nish `nj nmumjarjavaihpaj okmnmekni gnrfat t`nt gnja kt jkookeuit th ra-saii t`a neeaptnmeas.

    5>N s`niihw kmvasthr phhi, n inef ho ongkiknrkty ho QU-bnsaj erajkthrs wkt` t`a trnja neeaptnmeas, nmj t`ajkookeuity ho ikqukjntkmc t`a kmstrugamts kmktkniiy `ngparaj ouii-bihwm javaihpgamt ho trnja okmnmekmc

    buskmass km t`a QU. But t`a Oaj rasphmjaj by jkraetkmc kts rackhmni hookeas th tnfa hm t`a trnja okmnmekmcrasphmskbkiktkas km t`akr hwm neehumts, w`ke` ihwaraj t`a jksehumt rntas hm trnja neeaptnmeas. Z`a Oajsnetkhms hrcnmkzaj t`a trnja neeaptnmeas erajkt oihw nmj cnva erajkbkikty th sue` mhtas wkt` kts rackhmnibrnme`as sarvkmc ns t`a prkgnry ehumtarpnrty t`nt gnja t`ag anskar th trnja. Z`a rasuitkmc ansa wkt`w`ke` QU jhiinr trnja neeaptnmeas ehuij ba kmtargajkntaj prhvkjaj nm kmeamtkva ohr kts usnca.Uubsaquamtiy, t`a QU jhiinr trnja neeaptnmeas gnrfat bacum th nttrnet ghra kmvasthrs, mht dustjhgastkeniiy but nish ohrakcm eamtrni bnmfs surpiusas km t`a QU, t`us pnvkmc t`a wny ohr t`a ehmskjarnbiaaxpnmskhm ho t`a kmstrugamts utkikzntkhm.

    52Z`a kmeranskmc rhia ho t`a QU jhiinr km kmtarmntkhmni trnja okmnmea spkiiaj hvar th ht`ar okmnmekmcnrrnmcagamts. Z`a stnbkikty km t`a vniua ho t`a QU eurramey hwkmc th n gue` strhmcar jhgastke okmnmeknignrfat gnja kt nm nttrnetkva va`keia th jh buskmass nmj ghva ghmay nerhss bhrjars. Kt wns mht dust nensa ho Aurhpanms rane`kmc hut th t`a QU gnrfats6 t`a QU nut`hrktkas nish nccrasskvaiy prhghtaj QUjhiinr okmnmekmc km Aurhpa. By ehmtrnst, t`a wnr umjargkmaj t`a kmtarmntkhmni stnmjkmc ho t`a t`amrakcmkmc ja oneth cihbni eurrameyt`a QFs phumj starikmcns n rasuit ho n jatarkhrntkhm km t`a QFs

    pubike okmnmeas. Kmtarmni jksruptkhms nooaetkmc t`a QFs prhjuetkhm ikmas njjaj th t`a crhwkmc ihss hoehmokjamea km t`a QF eurramey.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    21/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    >;

    stnmjnrjs ohr erhss-bhrjar samjkmc nmj raeakvkmc ho pnygamts. Eamtrni bnmfsehmtkmuaj th `nmjia t`a sattiagamt ho pnygamts ohr t`akr jhgastke bnmfkmc ehggumkty.

    Nt t`nt tkga, trnmsnetkhm oaas wara mht `nrghmkzaj nmj wara kmjkvkjuniiy sat by ane`eamtrni bnmf. Z`a jaeamtrnikzaj mntura ho t`a systag nish guitkpikaj t`a ehsts. Zh

    battar `nrghmkza sarvkea nmj ehst, ns waii ns th kgprhva ehst-aookekamey (skmearavamuas wara kmsuookekamt th ehvar ehsts), t`a Chvarmkmc Ehumeki ho t`a AurhpanmEamtrni Bnmf ncraaj km 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    22/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    2;;1 >;;? >;;3 >;;0 >;;; 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    23/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    2>

    Km onet, ns n pnrt ho t`a NUANM+5 Nsknm Bhmj Gnrfats Kmktkntkva (NBGK), jkseusskhmsnra eurramtiy umjarwny th sat up n Rackhmni Uattiagamt Kmtargajknry (RUK) ohrsaeurktkas, km pnrtkeuinr erhss-bhrjar bhmj trnmsnetkhms (NJB 2

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    24/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    22

    t`asa rackhmni eurramekas kmth kmtarmntkhmni eurramekas nmytkga. Hpamkmc ho bkintarnieurramey swnp ikmas ks t`us vktni th njjrass t`asa ikqukjkty ehmskjarntkhms kmnsgue` nstrnja nmj chvarmgamt bhmj trnmsnetkhms nra ehmearmaj.

    @hwavar, umikfa km trnja trnmsnetkhms w`ara netuni jaikvary ho chhjs ks hutskja t`a

    sehpa ho t`a sattiagamt kmornstruetura, bhmj trnmsnetkhms raqukra nm njjktkhmnijkgamskhm km targs ho eusthjknms nmj eamtrni saeurktkas japhskthrkas, w`ke` enm baprhvkjaj by eamtrni bnmfs akt`ar jkraetiy hr kmjkraetiy.

    Ohrtumntaiy, ghst eamtrni bnmfs km Nskn oumetkhm ns chvarmgamt bhmj saeurktkasjaphskthrkas nmj sattiagamt kmstktutkhms nmywny, ns suggnrkzaj km Znbia 2. 55

    Znbia 24 Eianrkmc nmj Uattiagamt Kmstktutkhms ohr Chvarmgamt Bhmjs km Nskn

    Ukmeaaxpnmjkmc t`a bkintarni trnja pnygamt sattiagamt systag rackhmniiy raqukras ikmfncasbatwaam eamtrni bnmfs, njjkmc n chvarmgamt bhmj sattiagamt systag wkt` saeurktkasjaphskthrkas wkii mht ehst n inrca nghumt ho maw okxaj kmvastgamt. [at kt wkii prhghtanjjktkhmni buskmass nmj axpajkta t`a kmtarmntkhmnikzntkhm ho eurramekas. Hmea t`ks ghjai`ns camarntaj suookekamt buskmass, kt enm ba prkvntkzaj intar ns t`a RUK nmj axpnmjajohr ht`ar saeurktkas sue` ns ehrphrnta bhmjs hr aqukty japhskthry nmj sattiagamt.

    Aehmhgy Eianrkmc Uaeurktkas Uattiagamt Japhskts \nygamt Uattiagamt

    Nustrnikn Nustrneianr Nustrneianr Nustrneianr RBN

    Maw Taninmj MTEianr MTEianr MTEUJ RBMT

    @hmc Fhmc, E`kmn EGQ EGQ EGQ @FGN

    Kmjhmaskn F\AK BK-UUUU BK-UUUU BK

    Gninyskn UUJU UUJU UUJU BMG

    Z`nkinmj BHZ ZUJ ZUJ BHZ

    \`kikppkmas BZr BZr BZr BU\

    Dnpnm DCBEE BHD BHD BHDRapubike ho Fhran FRP FUJ FUJ BHF

    \RE ECUJZE ECUJZE ECUJZE

    Znkpak,E`kmn EBE ZUEJ ZUEJ EBE

    Ukmcnphra GNU GNU EJ\

    Kmjkn EEKI RBK RBK MJU/UUU

    \nfkstnm Z`a Utnta Bnmf ho \nfkstnm

    BK 7 Bnmf Kmjhmaskn, BMG 7 Bnmf Macnrn Gninyskn, BHD 7 Bnmf ho Dnpnm, BHF 7 Bnmf ho Fhran, BHZ 7Bnmf ho Z`nkinmj, BU\ 7 Bnmcfh Uamtrni mc \kikpkmns, BZr 7 Buranu ho t`a Zransury, EBE 7 Eamtrni Bnmf hoE`kmn, EEKI 7 Eianrkmc Ehrphrntkhm ho Kmjkn Ikgktaj, EJ\ 7 Eamtrni Japhskthry \ta Itj, ECUJZE 7 E`kmnChvarmgamt Uaeurktkas Japhskthry Zrust nmj Eianrkmc Eh. Itj, EGQ 7 Eamtrni Ghmaygnrfats Qmkt, @FGN 7@hmc Fhmc Ghmatnry Nut`hrkty, DCBEE 7 Dnpnm Chvarmgamt Bhmj Eianrkmc Ehrphrntkhm6 F\AK 7 \Z Fikrkmc

    \amdngkmnm Aoaf Kmjhmaskn (Uaeurktkas Qmjarwrktkmc Eianrkmc Kmjhmaskn), FRP 7 Fhran Axe`nmca, FUJ 7Fhran Uaeurktkas Japhskthry, GNU 7 Ghmatnry Nut`hrkty ho Ukmcnphra, MJU/UUU 7 Machtkntaj JanikmcUystag/Uaeurktkas Uattiagamt Uystag, MUJI 7 Mntkhmni Uaeurktkas Japhskthry Ikgktaj, MTEUJ 7 MawTaninmj Eamtrni Uaeurktkas Japhskthry Ikgktaj, \RE 7 \ahpias Rapubike ho E`kmn, RBN 7 Rasarva Bnmf hoNustrnikn, RBMT 7 Rasarva Bnmf ho Maw Taninmj, UUJU 7 Uerkpiass Uaeurktkas Japhskthry Uystag, UUUU 7Uerkpiass Uaeurktkas Uattiagamt Uystag, ZUEJ 7 VZnkpak,E`kmnW Uaeurktkas Eamtrni Japhskthry Eh., Itj., ZUJ 7Z`nkinmj Uaeurktkas Japhskthry.

    Uhureas4 BKU (2>, 22), AGAN\ (22).

    55Utnrtkmc wkt` n chvarmgamt bhmj sattiagamt se`aga gnfas samsa orhg buskmass oanskbkikty parspaetkvas,thh. Notar t`a inume` ho NBGK, t`ara `ns baam skcmkokenmt prhcrass km t`a javaihpgamt ho chvarmgamtbhmj gnrfats km t`a rackhm, but iass sh km ehrphrnta bhmjs. Nt t`a stnrt ho 2 bkiikhm, nmj ehrphrnta bhmjs QU$:1? bkiikhm. By

    Duma 25, t`a skza ho hutstnmjkmc chvarmgamt bhmjs `nj rksam ghra t`nm skx tkgas, but t`nt hoehrphrnta bhmjs by dust hvar okva tkgas.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    25/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    25

    Nit`huc` mht amtkraiy ehgpnrnbia, wkt` raspaet th okmnmekni oanskbkikty t`a axparkamea hoAurheianr nmj Eianrstrang km kmtargajkntkmc stntaiass Aurhbhmj kssunmeas backmmkmckm t`a inta >;?

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    26/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    2:

    sattiagamt `ns th wnkt umtki t`a sattiagamt `hurs km t`a QU hr Aurhpa ns ghst ho t`akmtarmntkhmni saeurktkas nra japhsktaj km Aurhpa nmj QU wkt` tkga zhmas qukta jkooaramtorhg Nskn. By `nvkmc pnygamt nmj sattiagamt systags km t`a snga Nsknm tkga zhma,t`ks t`krj tkga zhma prhbiag ehuij ba shivaj.

    Zh kiiustrnta t`a t`krj tkga zhma prhbiag, ehmskjar t`a sattiagamt prheass ho nm Nsknmbhmj t`nt ks jamhgkmntaj km @hmc Fhmc jhiinrs. @hmc Fhmc, E`kmn ks 3 `hurs n`anj hoBrussais, w`ara Aurheianr ks ihentaj. Nssuga t`nt t`a sattiagamt jnta ho t`a bhmj ks 2Hethbar km Brussais. Km hrjar th okmnikza t`a sattiagamt by t`nt jnta, Aurheianr eurramtiygnmjntas t`nt n buyar nmj n saiiar japhskt ghmay nmj saeurkty km n ehgghmjaphskthry ho Aurheianr km @hmc Fhmc, E`kmn@UBE bnmfby > Hethbar, w`ke` ks njny baohra t`a sattiagamt jnta. Notar cattkmc mhtkokentkhm orhg @UBE hvarmkc`t,Aurheianr Bnmf km Brussais ehgpiatas t`a saeurkty sattiagamt by ; n.g. hm 2 Hethbar(: p.g. km @hmc Fhmc, E`kmn), notar w`ke` t`a saiiar km @hmc Fhmc, E`kmn enm wkt`jrnw@hmc Fhmc jhiinrs, nmj t`a sattiagamt ehuij ba okmks`aj by 2 Hethbar.

    Kmstanj ho japhsktkmc ghmay nmj saeurktkas n jny baohra t`a sattiagamt jnta, ko t`a

    buyar nmj saiiar wnmt th sattia saeurktkas by uskmc t`a RZCU systag hm 2 HethbarBaickug tkga, t`a saiiar gny mht ba nbia th wkt`jrnw ghmay by 2 Hethbar. Ohraxngpia, by t`a tkga t`a RZCU sattiagamt ks ehgpiataj by 5 p.g. hm 2 Hethbar, kt ksniranjy >< p.g. km @hmc Fhmc, E`kmn nmj t`a bhmj saiiar whuij `nva th wnkt umtki t`amaxt jny th wkt`jrnw `ks/`ar ghmay. Z`ks ks hma ranshm w`y Aurheianr gnmjntas t`nttrnjars japhskt ghmay nmj saeurktkas n jny km njvnmea ho sattikmc bhmjs t`nt nrajamhgkmntaj km Nsknm eurramekas. Ht`arwksa, kt enmmht saeura n sattiagamt jnta.

    Ko bhmjs nra jamhgkmntaj km Aurhpanm eurramekas hr QU jhiinr, saeurkty nmj pnygamtsattiagamt ehuij ba ehgpiataj hm t`a snga jny t`rhuc` t`a RZCU systag ns t`a tkgajkooaramea batwaam Aurhpa nmj t`a Ngarkens whrfs km onvhr ho t`a saeurkty sattiagamtnmj pnygamt sattiagamt. Z`a t`krj tkga zhma prhbiag kgpikas t`nt kmvasthrs `nva thbanr t`a axtrn ehst ho ihskmc ikqukjkty ohr n jny w`am trnjkmc Nsknm eurramey-jamhgkmntaj bhmjs. Ko t`ara ks n rackhmni saeurktkas japhskthry wkt`km Nskn, kmvasthrswhuij mht onea t`ks axtrn ehst. Z`a bamaokt ho shivkmc t`a t`krj tkga zhma prhbiag ehuijba skcmkokenmt ehmskjarkmc t`nt gndhr kmvasthrs ohr Nsknm eurramey-jamhgkmntaj bhmjsnra kmstktutkhmni kmvasthrs ihentaj km Nskn.

    Km njjktkhm th t`a tkga jkooaramea prhbiag, astnbiks`kmc n ehgbkmaj trnja nmjchvarmgamt bhmj sattiagamt systag t`rhuc` t`a ehhparntkhm ho Nsknm eamtrni bnmfsehuij ba n entniyst ohr t`a crnjuni hpamkmc ho jhgastke gnrfats nmj racuinthry`nrghmkzntkhm nerhss t`a rackhm. Axkstkmc kmtarmntkhmni eamtrni saeurktkas japhskthrkas(KEUJs) sue` ns Aurheianr nmj Eianrstrang nra prkvnta amtktkas, nmj kt whuij ba `nrjohr Nsknm chvarmgamts th prhvkja kmeamtkvas th ansa racuintkhms th kmeransa buskmassoihws ohr t`ag umiass jhkmc sh whuij bamaokt t`akr mntkhmni kmtarasts. Hm t`a ht`ar `nmj,

    t`a eamtrni bnmfs matwhrf ho trnja nmj chvarmgamt bhmj sattiagamt systags whuijamehurnca t`ag th jkseuss crantar okmnmekni phikey ehhrjkmntkhm nghmc Nsknmchvarmgamts. Kt whuij nish prhghta chvarmgamt bhmj gnrfat janiars, eusthjknms,prkekmc ncamekas, w`ke` nra nii maeassnry kmornstruetura ohr t`a javaihpgamt ohr n ouii-oiajcaj iheni eurramey enpktni gnrfat km Nskn.

    :. RAINZKHMU SKZ@ HZ@AR KMKZKNZK_AU

    :.> Bnefcrhumj

    Hvar t`a yanrs, savarni kmktkntkvas wara erantaj th bukij kmornstruetura ohr iheni bhmjgnrfats hm t`a bnef ho eniis ohr crantar rackhmni kmtacrntkhm. Z`a kjan th astnbiks` n

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    27/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    21

    rackhmni eurramey jamhgkmntaj bhmj gnrfat nmj n rackhmni eamtrni saeurktkasjaphskthry (EUJ) wns okrst put ohrwnrj km t`a anriy >;;

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    28/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    2?

    kts phsskbia nre`ktaetura. Ns hma ho t`a rntkhmnias ohr astnbiks`kmc t`a RUK, t`a pnparnjjrassaj `hw t`a inef ho rackhmni kmornstruetura enm axnearbnta t`a ohrakcm axe`nmcasattiagamt rksfst`a t`krj tkga zhma prhbiagns axpinkmaj km t`a pravkhus saetkhm.Z`a succastaj typas ho RUK nre`ktaetura kmeiuja t`a Nskn KEUJ ghjai, t`a \nm-Nskn

    EUJ ghjai, t`a Nsknm \nygamt Bnmf ghjai, nmj t`a EUJ Ikmfnca hptkhm.

    :) mhtaj, km t`a anriy 2;;3). Skt`hut t`ks aoohrt th bukij maw kmornstruetura, t`a

    QU jhiinr whuij mht `nva baam nbia th jat`rhma t`a QF phumj starikmc ns t`a faykmtarmntkhmni eurramey. Z`a iacni orngawhrf t`nt astnbiks`aj t`a Aurhsystag nishonekiktntaj t`a ikmfs nghmc aurhzhma eamtrni bnmfs t`nt amnbiaj aurh sattiagamt.

    Nsknm phikeygnfars ehuij ohiihw t`ks pnt`. Bukijkmc prhpar sattiagamt kmornstrueturas`huij ba t`a okrst stap. Z`ks strntacy ks ehmskstamt wkt` t`a Nsknm javaihpgamtaxparkamea km t`a inst `nio eamturyw`ke` umjarikmas t`a kgphrtnmea ho bukijkmckmornstrueturanmj kt ehuij ba n prnetkeni wny ho rajuekmc QU jhiinr japamjameawkt`hut t`a rksfs nsshekntaj wkt` rnpkj enpktni gnrfat hpamkmc. Kt whuij nish ehmtrkbutath enpktni gnrfat javaihpgamt km Nskn.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    31/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    2;

    RAOARAMEAU

    N@F Crantar E`kmn. 2>. Z`a Ihmc Gnre` ho t`a Ramgkmbk4 Kmtarmntkhmnikzntkhm hoE`kmns Eurramey vkn @hmc Fhmc. Ce.ehgg. Gny.

    NMT Rasanre`. 22. EM@ Gnrfat Ghmkthr. ; Gny.

    NUANM Uaeratnrknt. 2/25

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    32/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    5n. Ehggumkqu4 Gaatkmc ho Okmnmea Gkmkstars nmj Eamtrni BnmfChvarmhrs. Sns`kmcthm, JE. >:>1 Nprki.

    . 2>b. C2< Eh`aramt Ehmeiuskhms ohr t`a Gnmncagamt ho Enpktni OihwsJrnwkmc hm Ehumtry Axparkameas (ns amjhrsaj by C2< Okmnmea Gkmkstars nmj

    Eamtrni Bnmf Chvarmhrs). >1 Hethbar.Cniinc`ar, F. \., U. Crkookt`-Dhmas, nmj D. N. Hengph. 2>. Enpktni Neehumt

    Racuintkhms ohr Utnbkikty nmj Javaihpgamt4 N Maw Npprhne`. Kssuas km Brkao 22.Bhsthm Qmkvarskty4 Z`a Orajarkef U. \nrjaa Eamtar ohr t`a Utujy ho t`a Ihmcar-Rnmca Outura.

    Churkme`ns, \.-H., nmj @. Ray. 225.

    F\GC. 22. @hmc Fhmc Bnmfkmc Uurvay 22. @hmc Fhmc, E`kmn4 F\GC.Iaa, @., nmj E. R`aa. 22. Iasshms orhg t`a >;;3 nmj t`a 2. Z`a Outura ho t`a [unm. Maw [hrf, M[4 OhrakcmNoonkrs, Ehumeki hm Ohrakcm Raintkhms.

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    33/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    5>

    Gnzknj, U., nmj D. U. Fnmc. 22. RGB Kmtarmntkhmnikzntkhm4 Hms`hra/Hoos`hra Ikmfs.Kmtarmntkhmni Ghmatnry Oumj Shrfkmc \npar. S\/>2/>55. Sns`kmcthm, JE4Kmtarmntkhmni Ghmatnry Oumj.

    Gkmkstry ho Ehggarea (GHOEHG). 2>. Ekreuinr 2>00;. Ekreuinr hm Kssuas

    Ehmearmkmc Erhss-Bhrjar RGB Jkraet Kmvastgamt. Bakdkmc.Ghmatnry Nut`hrkty ho Ukmcnphra (GNU). 25. Ehmjuet ho Ramgkmbk (RGB) Buskmass

    km Ukmcnphra. OUC Ekreuinr Mh. BJ

  • 8/13/2019 Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi

    34/34

    NJBK Shrfkmc \npar :13 R`aa nmj Uuguihmc

    Uhekaty ohr Shrijwkja Kmtarbnmf Okmnmekni Zaiaehggumkentkhm (USKOZ). 25n. RGBUwkot Zrnefar. Nprki.

    XXXXX. 25b. RGB Uwkot Zrnefar. Gny.

    . 25e. `ttp4//www.swkot.ehg/nbhutXswkot/nre`kvajXmaws8yanr725. 21 Gnre`.

    Uubnee`k, \., nmj @. @unmc. 25. Brkaokmc \npar KA B\ 25/. KmtarmntkhmniAehmhgkes. E`nt`ng @husa. Duma.

    Zamc, N. 25. Kmtarmntkhmnikzntkhm ho t`a RGB nmj t`a Rhia ho Gnenh ns n Okmnmekni\intohrg. Upaae`. 25 Kmtarmntkhmnikzntkhm ho RGB Cihbni Ohrug. U`nmc`nk.2? Gny.

    Qmktaj Mntkhms. 2 Duiy.

    [u, [. 22n. Rnttikmc t`a Ramgkmbk. \rhdaet Uymjkenta. 5< Dnmunry.

    . 22b. Ravksktkmc t`a Kmtarmntkhmnikzntkhm ho t`a [unm. NJBK Shrfkmc \npar5??. Zhfyh4 Nsknm Javaihpgamt Bnmf Kmstktuta.

    T`nmc, B., nmj ^. Pu. 2>. RGB Kmtarmntkhmnikzntkhm km t`a Ehmtaxt ho Axe`nmca Rntanmj Enpktni Neehumt Ehmtrhi. Qmpubiks`aj (km E`kmasa).

    T`hu, P. 2