[雙語翻譯]人民幣國際化外文翻譯--人民幣國際化先例和影響（英文）

1、Full Terms it benefited from a centralised and unified system of currency issuance and was free from the volatility associated with the currencies of capitalist countries.5 Ideologically, such use of foreign capital cou

2、ld be justified on the grounds that it allowed China to exploit international finance for the bene- fit of socialist modernisation. In that way, PRC officials could easily differentiate them- selves from what they viewed

3、 as the Soviet revisionists’ apparent willingness to accept foreign trade credits.6 The PRC’s rejection of ideology in 1978 and its replacement with market pragmatism meant that this differentiation was no longer credibl

4、e. The subsequent running of large trade surpluses and accumulation of large US$ reserves meant that the PRC was no longer immune from the risk of currency volatility and capital outflow. While China can still promote th

5、e RMB as an undervalued currency, it can no longer claim immunity from market risk that might accompany a reduction in foreign residents RMB holdings.7 From a historical perspective, it illustrated how much the role of i

6、nternational capital had changed and the scale of the new risks the PRC would face. Despite the stark contrasts between both periods, the study indicates that lessons can be learnt from the shortcomings of efforts to int

7、ernationalise the RMB in the 1970s. In particular, it provides an interesting perspective on the question of why China still faces the dilemma of balancing currency convertibility with economic control. In addressing thi

8、s question, the study examines the connection between currency interna- tionalisation, financial reform and globalisation in developing economies. Section 2 explores the tension between maximising foreign exchange earnin

9、gs and minimising risk in developing economies; its relationship to the banking system; the conundrum facing developing economies in opening their capital accounts; and the special institu- tional arrangements that are o