위안화 국제화 관점에서의 중국 금융시장인프라 발전 전략 평가

초록

Since the 2010s, China has established direct RMB trading markets in major international financial hubs and Asian countries, and developed the Cross-border Interbank Payment System (CIPS), a unique inter-country payment platform competing with the SWIFT system of the United States. Additionally, China has taken a leading role in Central Bank Digital Currency (CBDC) initiatives, actively developing and piloting the e-CNY. While these strategies significantly contribute both directly and indirectly to RMB internationalization, they require further improvements. First, China must strengthen the perception of the RMB as a safe asset, necessitating international trust in China's financial policies and overall societal system. Second, China should foster financial integration with a select group of friendly nations through bilateral cooperation. Such experience will significantly benefit RMB internationalization by enhancing trust toward China and its currency. However, this bilateral financial cooperation must ensure mutual benefits, avoiding strategies like the Belt and Road Initiative that primarily prioritize Chinese interests and may increase partner countries’ debt burdens and poverty, thus fueling distrust. Third, China should enhance complementary relations with currencies that compete with the RMB, such as the Japanese yen, euro, and pound sterling. Since the ultimate goal of RMB internationalization is achieving reserve currency status, constructing an international currency bloc excluding the U.S. dollar may consolidate opposition, hindering the RMB's rise to reserve currency status. Korea must wisely respond to China's advancement in financial market infrastructure. Korea could leverage China's expanding financial market infrastructure to enhance its financial center policy, potentially developing its specialized inter-country payment infrastructure or actively participating in global payment networks. Furthermore, Korea should strengthen cooperation with China in the CBDC sector, potentially joining the LionRock project involving China and Hong Kong or pursuing joint research with China. These measures could elevate the international standing of the Korean won. Thus, Korean financial authorities should promote the won's internationalization within a scope that maintains exchange rate stability, maintaining existing currency swaps with Turkey, Malaysia, and Indonesia, and exploring new potential partner countries.

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