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编者按：本周，中国人民大学重阳金融研究院执行院长王文在《环球时报》英文版专栏“Wang Wen on Changing World”中发布第三篇专栏文章《被忽视的货币主权》于2019年9月3日刊出，现将中英文内容转发如下：
After arriving in Ecuador, I found it was the US dollar, rather than local currency, that was in circulation.这提醒我不得不关注20年前在许多国家开始流行的美元化经济政策，也第一次强烈地感受到现在我所在智库即将完成的“货币主权”研究课题的至关重要性。This reminded me of the dollarization policy which has been prevalent in many countries since 20 years ago. And for the first time I felt strongly about the vital significance of our research topic-monetary sovereignty, which is almost completed by the think tank I work for.上世纪末，一些拉美国家和新兴市场体提出以美元代替本国货币、试图消除汇率风险的美元化方案。At the end of the 20th century,some Latin American countries and emerging market entities proposed a dollarization scheme,which suggested replacing domestic currencies with the US dollar and seeking to eliminate exchange rate risks.据IMF报告显示，美元占货币供应量50%以上的国家在全球有7个，30%-50%的国家有12个，一些区域强国如土耳其、阿根廷的美元占比都相当高。According to an IMF report, in 1998, in seven countries, foreign currency (mainly US dollar) deposits were more than 50 percent of national money supplies. In 12 countries, the ratio was 30-50 percent. Certain regional powers, including Turkey and Argentina, had a relatively high dollarization ratio.在这些国家当时的决策者看来，美元是世界货币，具有较强的稳定性和较高的内在价值，较之频频波动的本币更能抵御投机冲击。货币主权的重要性被忽视了。
In the view of these countries'policymakers of the time,US dollar was a world currency with strong stability and high intrinsic value.20年过去了，再回顾这项美元化政策时，消极效果是明显的。Twenty years have passed.On reviewing the dollarization policy,we can find obvious negative effects.没有一个放弃货币主权的国家能够真正实现了可持续经济增长。No country that has given up monetary sovereignty can truly achieve sustainable economic growth.相反，在拉美，金融危机如同定时闹钟般周期性地爆发；在泰国、柬埔寨等原本形势大好的国家，经济也因过于依赖美元，而时常出现困境，即便像日本这样的全球大国，由于汇率在1985年后受到美国的巨大压力，而陷入长期经济低迷。On the contrary, in Latin America,financial crisis has broken out periodically;incountries such as Thailand and Cambodia, overdependence on the US dollar has led to economic plight.Even a global power like Japan has seen long-term economic stagnation since its exchange rate was under tremendous pressure from the US in 1985.
相比之下，中国维护货币主权的能力要高于绝大多数国家，意愿也远高于其他国家，这既是70年来中国保持平均9%增长率的货币基础，也是过去一年多的中美经贸摩擦中保持相对经济平衡的重要原因。In contrast,China's ability to maintain monetary sovereignty is stronger than most countries,and so is its determination.Such sovereignty serves as the monetary base of China to maintain an average growth rate of 9 percent in the past 70 years,and an essential reason for the country to keep a relative balance amid China-US economic and trade frictions.从本质上来看，货币主权是一种国家治理制度，其背后代表着社会公众对本国体制的拥护度，也折射了外部投资者对该国市场的信心度。In essence,monetary sovereignty is part of a country's governance system.It represents public support for the country's domestic system and reflects external investors'confidence in the country's market.对于像中国这样的后发、却有着悠久历史的国家而言，货币主权还是民族国家身份的重大象征，能够发挥凝聚民心的作用。For a rising power like China with a long history,monetary sovereignty is a major symbol of national identity which can unite the people.同时，货币政策也是一种激励手段，让本国经济受益于本国货币的强大，实现“出口”和“进口”联动，进而带动国家经济的中高速增长。In addition,monetary policy is also an incentive for the domestic economy to benefit from the strength of its own currency,to link export and import,and to drive medium-and high-speed economic growth.几周前，特朗普总统对人民币暂时的贬值不满，把中国贴上“汇率操纵国”的标签，试图干预人民币的汇率。Weeks ago,US President Donald Trump labeled China a"currency manipulator,"when Chinese yuan experienced a temporary depreciation,trying to interfere in the yuan's exchange rate.这显然是低估了中国人的货币自信，也忽视了中国人捍卫货币主权的意志，更是误读了全球市场借人民币对冲中美经贸风险的意愿。The US has obviously underestimated the Chinese people's confidence in its currency,neglected their will to protect monetary sovereignty and misread the global market's signal of using yuan to hedge China-US trade risks.一个特别有意思的现象是，当特朗普试图命令美国企业离开中国时，8月27日，美国零售超市巨头Costco首次在中国开业，迎来了前所未有的客流量，卖场不得不把入场人数控制在2000人内，排队长度一度超过3公里在。There is an interesting phenomenon.US retail giant Costco opened its first brick-and-mortar store on the Chinese mainland last Tuesday.As Trump is trying to order US enterprises to leave China,Costco saw an unprecedented number of customers flock to its store on the Chinese mainland.Costco's shares rose to a record high in the US with the news of grand opening in China.Costco在2019年逆势进军中国，再次印证了一个正在发生的重大世界经济变局。In the year 2019,Costco is marching toward China,moving against the current of China-US trade disputes.This again confirms that a significant global economic change is happening.2019年，中国工业生产总值预计将达到美国的3倍，中国吸引外资的总量预计将达到美国的2倍，更重要的是，中国将首次超过美国成为全球最大消费市场。China is expected to surpass the US for the first time to become the world's largest consumer market this year.世界投资者与中国消费者都在用脚投票，表达着对人民币走向与中国未来的信心。Global investors and Chinese consumers are all voting with their feet to express their confidence in yuan and China's future.在厄瓜多尔，不少朋友很后悔当前激进的美元化政策，但走回头路已不太可能。In Ecuador,many friends of mine were disappointed by the current radical dollarization policy.But it does not seem possible to go back.中国从拉美国家的遭遇身上学到了太多教训。如何保持与美国的独立自主关系，是其中最重要的一课。China has drawn many lessons from Latin American countries'experience,and how to maintain an independent relationship with the US is the most important one.与美国太近，容易成为附庸。与美国太远，容易成为敌人。保持竞合并行、斗而不破的对美关系，将成为未来中美关系的常态。A country may become a US vassal state if it stays too close to Washington.But it may become an enemy of the US if it stays too far away.不同的是，美国对中国的压制，是试图持续全球霸权；而中国反制美国，则是希望捍卫本国的主权。By suppressing China,the US wants to maintain global hegemony.But by countering the US,China aims at protecting its own sovereignty.两者比较，中国更具有正义性。对中国人而言，美元“嚣张的特权”（Exorbitant Privilege）是一种霸凌主义的金融罪恶，必须得到遏制。China's purpose is more just.For Chinese people,the US dollar's exorbitant privilege is a bullying act in the finance sector.幸好，人民币在以一种不可阻挡的趋势崛起，中国在捍卫货币主权上打击了美元“嚣张气焰”。Fortunately,China's yuan is rising unhindered,and the nation has dealt a blow to the US dollar's exorbitant privilege in defending monetary sovereignty.However,this is still a difficult path and China needs to walk in a more steady fashion.
中国人民大学重阳金融研究院（人大重阳）成立于2013年1月19日，是重阳投资董事长裘国根先生向母校捐赠并设立教育基金运营的主要资助项目。
作为中国特色新型智库，人大重阳聘请了全球数十位前政要、银行家、知名学者为高级研究员，旨在关注现实、建言国家、服务人民。目前，人大重阳下设7个部门、运营管理3个中心(生态金融研究中心、全球治理研究中心、中美人文交流研究中心)。近年来，人大重阳在金融发展、全球治理、大国关系、宏观政策等研究领域在国内外均具有较高认可度。