2016年---外文翻译--人民币的国际化：新起点，新跃变，新临界点（节选）

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1、2750 单词， 1.5万英文字符， 4700 汉字 出处： Batten J A, Szilagyi P G. The internationalisation of the RMB: New starts, jumps and tipping pointsJ. Emerging Markets Review 28 (2016) 221 238 The internationalisation of the RMB: New starts, jumps and tipping points Jonathan A. Batten, Peter G. Szilagyi Abstract We i

2、nvestigate the process of currency internationalisation of the Chinese Renminbi (RMB). Aggregated cross-border data provided by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) allows better measurement of the role played by a currency in trade and settlement. RMB transaction

3、s are signicant and increasing but remain concentrated in key nancial centres. Analysis using an asset pricing framework shows that the footprint of Chinese corporations in international markets has at times been signicant, with the size of these transactions prompting many to reassess the likely pa

4、ce of RMB internationalisation and its usage as an alternate vehicle currency. Keywords: Currency Internationalisation, Financial market development Renminbi, RMB, Society for Worldwide Interbank Financial Telecommunications (SWIFT) 1.Introduction Currency internationalisation provides signicant eco

5、nomic benets to a countrys residents (Kenen, 2009; Cohen, 2012, McCauley, 2015; Liao and McDowell, 2016; Zhang, and Tao, 2016). However, what makes a currency international and how should one measure internationalisation? The simple answer to the rst question is to consider its role in cross-border

6、transactions, both trade and capital account, and as a reserve currency (Krugman, 1980; Chinn and Frankel, 2005; Goldberg, 2005; Gray, 2011). The economic size of a home country, the exibility of its exchange rate and the stability of its economic and political institutions are also important determinates in the scale and scope of currency usage. We will also show that wide usage is also characteristic of an internationalised currency. In other words, in order for a currency to be in