| The key features of current International Monetary System are:1) most of the developing countries choose fixed or manageable floating exchange regime, while the developed countries choose free floating regime;2) comparing to developed countries, most developing countries’currency are devaluation;3) developing countries have some degree controlling in capital account, but developed countries are more opening. In theoretical, this system is considered as "Bretton Wood II system".We argue that the main reason for those features is the asymmetry of currenct system, which is the essential attribute of current international monetary system. Currencies of developing countries are non-internationlization, but most of the developed countries’are internationalization and US dollar is hegemony currency. Due to their non-internationalization currency, developing countries suffer much more risk than developed countries, for example, oil price shock, currency crisis, foreign debt crisis and so on.In order to control these risks and maintain economic safety, it is reasonable and essential for developing country to manage their exchange rate, which is direct response to this unfair monetary system. There are two targets for rate management in developing country, one is to absorb surplus labor and the other is to provent risk of non-internationlization currency. These two targets jointly require developing country’s currency devaluation, so that they can promote economy growth and accumulate exchange reserve. We call these policies are "Weak Monetary Stratege".However, Weak Monetary Stratege has its own defects. For a large country like China, the best strategy may be internationlizing home currency, which can be regard as "Stronge Money Strategy". The biggest stumbling block on the way of RMB internationlizing is capital account opening. We argue that the bond strategy can not only increase asset demand effectively, but also reduce the inverse risk of RMB internationalization. |
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