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1、外文文献翻译原文及译文文献出处:FrankelT.TheinternationalizationoftheRMB[J].InternationalEconomicReview,2017,17(3):329-339.原文TheinternationalizationoftheRMBFrankelTed1ThereformofinternationalmonetarysystemAfterthecollapseoftheBrettonWoodsSystem,theinternationalmonetary
2、systemgraduallyturnstothecreditstandardsystemorJamaicasystem.AstheBrettonWoodsSystemofcapitalcontrolstherelaxationofthestrictrequirements,notreservecurrenciesontheonehandcanaccumulationofinternationalreservesbyexternaltrade.Ontheotherhandcanalsobeobtain
3、edthroughtheinternationalcapitalmarketfinancingmeansreservecurrency,therefore,intheory,theaccumulationofreservecurrencies,thenecessityofinternationalreservesshouldbesignificantlyreduced・Sincethe1970s,however,thetotalglobalreserveshavejumpedsharply,rathe
4、rthandownthetheoreticalhighattentiontothis.1.1ThestabilityoftheinternationalreservecurrencyisakeyproblemofthecurrentinternationalmonetarysystemTheworldeconomiesaccumulatedforeignexchangereservestotalscale,soaringsincethecollapseoftheBrettonWoodsSystem・R
5、einhart(2002),thestudyfoundtheBrettonWoodsSystemcollapsedtheinfluenceofthedemandofinternationalreserveassetsislowerthanexpected.Evenwhenfullyopencapitalaccount,alsohopetoholdinreserveassets,floatingexchangeratesystemcountriesbecausetheirbankingsystemise
6、xposedtoforeignexchangerisk,musthavesufficientreservestocopewitharunontheriskandcapitalflowscausedbysystemvulnerability.Althoughthedollarhasdoublehookendsystem,theaccumulationofreservecuiTenciescandecidewhatthereservecurrency,however,thedollarinternatio
7、nalmonetarydominancehasnotweakened,thedollarcontinuestoactastheoilandothercommoditiesdenominatedincurrencies,thevastmajorityofcommoditytradesettlementisstillusethedollar.Theeurowasthoughttobeabletochallengethedollar,butthedollarstillismajorcommoditycurr
8、encyandsettlementcurrency.TheIMFreleasedfiguresshowingthatdollarassetsintheworldforeignexchangereservestructureaccountsforabout60%oftheshare.Thepatternofdollar-denominatedreserveassetshasn'tchanged・TheUSfinancialcrisis,theEuropea
