《一种货币，两个市场：人民币国际化的离岸探索》
One Currency, Two Markets: An Offshore Exploration of RMB Internationalization
作者：田园，金涛；2024年，中译出版社
Authors: Yuan Tian & Tao Jin; Publisher: China Translation & Publishing House, 2024
稳步推进资本项目高水平开放是改革的重要组成部分。本书从人民币国际化的角度出发，为读者提供了有益的解读和有深度的独立见解。
Steadily advancing the high-level opening-up of the capital account is an integral part of China’s economic reform. Approached from the perspective of RMB internationalization, this book provides readers with highly informative interpretations and profound, independent insights.
—- 李剑阁 孙冶方基金会理事长，全球财富管理论坛总干事
—- Jiange Li, Chairman of the Sun Yefang Financial Science Foundation and Director-General of the Global Wealth Management Forum (GWMF)
对经济学的正确认识，源自对于世界本质的理解。这部新著深度剖析了人民币国际化通过离岸市场渐进推进的成功实践，从理论和实证、历史和现实、出发点和路线图等视角全方位阐述了人民币离岸发展的缘起和路径，引人入胜、发人深思。
A true understanding of economics stems from a deep grasp of the world’s essence. This new volume delivers a profound analysis of the successful practice of RMB internationalization via a gradualist approach in offshore markets. Offering a comprehensive exposition of the origins and pathways of offshore RMB development through the lenses of theory and empirics, history and reality, as well as motivations and roadmaps, this book is both captivating and thought-provoking.
—— 谢平 原中投公司副总经理，中央汇金公司总经理
—— Ping Xie, Former Vice President of China Investment Corporation (CIC) and General Manager of Central Huijin Investment
人民币国际化是在市场力量推动下的水到渠成的过程，需要统筹好在岸和离岸两个市场，这其中的关键是共识。这部新著系统剖析了人民币离岸市场发展的内在逻辑，提出了通过离岸市场渐进推进人民币国际化的分析框架，深刻探讨了其中的利弊权衡和风险考量。这部著作的出版适逢其时，具有很强的现实意义。
The internationalization of the RMB is a natural, market-driven process that requires the coordinated management of both onshore and offshore markets, where the alignment of consensus is paramount. This new book systematically dissects the inner logic behind the development of the offshore RMB market, proposes an analytical framework for advancing RMB internationalization gradually through offshore channels, and profoundly explores the underlying trade-offs and risk considerations. The publication of this work is exceptionally timely and carries profound practical relevance.
—— 缪延亮 中金公司研究部董事总经理；原中央外汇业务中心首席经济学家；国家外汇管理局高级顾问
—— Yanliang Miao, Managing Director of the Research Department at CICC; Former Chief Economist of the Central FX Reserve Management Center and Senior Advisor to the Administrator of the State Administration of Foreign Exchange (SAFE)
人民币国际化是党中央建设金融强国的重要战略部署之一，资本项下的改革尤为重要。本书在人民币国际化的背景下，对资本账户开放的相关核心问题进行了理论实证分析，为政策制定、跨境资产配置提供了有益参考。
RMB internationalization stands as a core strategic deployment by the central leadership to build a financial powerhouse, within which capital account reform is of paramount importance. Against the backdrop of RMB internationalization, this book delivers a rigorous theoretical and empirical analysis of the core issues surrounding capital account liberalization, providing invaluable reference for both policymaking and cross-border asset allocation.
—— 姚余栋 大成基金副总经理兼首席经济学家
—— Yudong Yao, Deputy General Manager and Chief Economist of Dacheng Fund Management
这是一本非常出色的专著，对人民币的独特性质以及这些特性在人民币发展和国际化过程中的关键作用进行了深入而专业的研究。书中以系统全面的历史视角，详细介绍了人民币两个市场的独特结构、特点和功能，以及它们共同构成的复杂的人民币国际化格局。作者对资本账户开放的路径和风险进行了详尽的探讨，既包括了从历史和制度的理论分析，也融入了基于数据和定量分析的深入实证研究。该书的作者具备丰富的专业知识和理论背景，他们独到的见解和深刻的剖析为广大金融、经济工作者以及研究生带来了一本难得的佳作。书中所呈现的深度和广度使其成为理解人民币国际化进程中关键问题的重要参考，不仅为学术研究提供了有力支持，也为金融和经济领域的从业者提供了实践指导。
This is an outstanding monograph that delivers a rigorous and deeply professional study on the unique characteristics of the RMB and their pivotal roles in its evolution and internationalization. Adopting a comprehensive historical perspective, the book elaborates on the distinct structures, features, and functions of the dual RMB markets (onshore and offshore), and how they collectively shape the intricate landscape of RMB internationalization. The authors meticulously explore the pathways and risks of capital account liberalization, seamlessly blending historical and institutional theoretical analyses with deep empirical research rooted in data and quantitative methods. Leveraging their profound expertise and strong theoretical backgrounds, the authors offer unique insights and incisive analyses, making this book a rare masterpiece for financial practitioners, economists, and graduate students alike. The depth and breadth of this volume make it an essential reference for grasping the critical issues in the RMB’s international journey, offering robust support for academic research while providing practical guidance for professionals in the financial and economic spheres.
—-肖志杰 国际著名经济学家，美国波士顿学院教授
—— Zhijie Xiao, Internationally Renowned Economist and Professor of Economics at Boston College
Selected for the FTChinese Publisher’s Book Recommendations, October 2024 (Issue No. 65)
Shortlisted as One of the 50 Candidate Books for the 13th China Financial Book Awards (“Golden Ram Award”)
Digital Assets Column Articles
数字资产监管按下“快进键”（上）
Regulatory Frameworks for Digital Assets Hit the Fast Track (Part I)
FT专栏；金涛、田园；2025.5.13
FT Column; Tao Jin, Yuan Tian; May 13, 2025 https://www.ftchinese.com/story/001106414
数字资产监管按下“快进键”（下）
Regulatory Frameworks for Digital Assets Hit the Fast Track (Part II)
FT专栏；金涛、田园；2025.5.20
FT Column; Tao Jin, Yuan Tian; May 20, 2025 https://www.ftchinese.com/story/001106487
美元锚的四阶段演变：全球金融格局的权利密码
The Four-Stage Evolution of the US Dollar Anchor: The Power Cipher of the Global Financial Architecture
FT专栏；李剑阁、田园；2025.6.9
FT Column; Jiange Li, Yuan Tian; June 9, 2025 https://www.ftchinese.com/story/001106663?full=y#ccode=2G188002
技术变革下的全球博弈：从关税战到区块链金融
Global Strategic Rivalry Amid Technological Transformation: From Tariff Wars to Blockchain Finance
FT专栏；金涛、田园；2025.6.12
FT Column; Tao Jin, Yuan Tian; June 12, 2025 https://www.ftchinese.com/story/001106718
比特币十年：疯狂投机、理性共识与发散的未来
A Decade of Bitcoin: Wild Speculation, Rational Consensus, and Divergent Futures
FT专栏；金涛、田园；2025.7.2
FT Column; Tao Jin, Yuan Tian; July 2, 2025 https://www.ftchinese.com/story/001106901
抵押、生息、支付与价值存储：稳定币如何重塑金融生态
Collateral, Yield-Generation, Payment, and Store of Value: How Stablecoins Are Reshaping the Financial Ecosystem
FT专栏；金涛、田园；2025.7.18
FT Column; Tao Jin, Yuan Tian; July 18, 2025 https://www.ftchinese.com/story/001107071
《2025数字资产市场清晰法案》：美元数字化战略的基石
The Digital Markets Clarity Act of 2025: A Cornerstone of the US Dollar Digitization Strategy
FT专栏；金涛、田园；2025.8.1
FT Column; Tao Jin, Yuan Tian; August 1, 2025 https://www.ftchinese.com/story/001107193
RWA: 金融交易之范式变革
RWA: A Paradigm Shift in Financial Transactions
FT专栏；金涛、田园；2025年8月15日
FT Column; Tao Jin, Yuan Tian; August 15, 2025 https://www.ftchinese.com/story/001107324
比特币=数字黄金？从能源到金融的共振逻辑（上）
Is Bitcoin Equivalent to Digital Gold? The Resonance Logic Connecting Energy and Finance (Part I)
FT专栏；金涛、田园；2025.9.25
FT Column; Tao Jin, Yuan Tian; September 25, 2025 https://www.ftchinese.com/story/001107735
比特币=数字黄金？从能源到金融的共振逻辑（下）
Is Bitcoin Equivalent to Digital Gold? The Resonance Logic Connecting Energy and Finance (Part II)
FT专栏；金涛、田园；2025.10.1
FT Column; Tao Jin, Yuan Tian; October 1, 2025 https://www.ftchinese.com/story/001107773
Research Papers
Tian, Yuan,
Laffer Curve Under Code Constraints(March 13, 2026). Available at SSRN: https://ssrn.com/abstract=6887818 or http://dx.doi.org/10.2139/ssrn.6887818
Policy Paper
对香港地区数字金融监管框架的思考和展望|封面专题
Reflections and Outlook on the Digital Finance Regulatory Framework in Hong Kong | Cover Story
清华金融评论；田园、金涛； 2024.11.5
By Yuan Tian and Tao Jin. Originally published on November 5, 2024, in Tsinghua Financial Review
离岸人民币汇率和利率的联动关系及调适对策|政策与监管
The Interlinkage Between Offshore RMB Exchange Rates and Interest Rates: Transmission Mechanisms and Policy Adjustments | Policy & Regulation
清华金融评论；田园、金涛； 2024.1.16
By Yuan Tian and Tao Jin. Originally published on January 16, 2024, in Tsinghua Financial Review
人民币，于历史中锚定自己的坐标
The RMB in the Mirror of History: Anchoring Its Place in the Global Financial Order
证券时报网；田园、金涛； 2024. 10. 15
By Yuan Tian and Tao Jin. Originally published on Oct 15, 2024, on Securities Times
https://h5.stcn.com/pages/detail/detail?id=1350811&jump_type=reported_info