The Comparison Of Monetary Competitive Capacity Among The Important Moneys In The East Asian Monetary Cooperation

Asian is one of the weakest areas in systematic cooperation, but after the 97Aisan financial crisis, establishing the East Asian monetary cooperation is on the line. All kinds of monetary cooperation should have some competition inside. The East Asian monetary cooperation needs a kind of steady money to be the"nominal anchor".The USA, Japan and China are the most powerful economic entities in the East Asian; they all take great part of establishing the Asian monetary cooperation. Asian is the most important object in the American strategy; Japan treats Asian as its back; China needs Asian to grow up. In order to take advantage in the East Asian cooperation, the three countries all wish their money to be the"nominal anchor"in the East Asian monetary cooperation. So the Dollar, Yen and RMB will compete with each other in the East Asian monetary cooperation inevitably.This paper compares The Dollar, Yen with RMB from seven facets: the economic importance; the circulation horizons; the trade relationship among China,Japan and other East Asian countries; the domestic financial condition; the stability and prestige of currency ;the activity to organize and participate in the monetary cooperation; opening of the domestic financial markets. According to the comparison, we can compare the monetary competitive capacity among the Dollar, Yen and RMB. The conclusion is that: as far as the economic importance, the circulation horizons, the domestic financial condition, the stability and prestige of currency and the opening of the domestic financial markets are concerned, the US dollar is absolutely better than Yen and RMB. But because American doesn't want the Asian to be connected, it won't organize and participate in the monetary cooperation. Japan always wishes to organize and participate in the East Asian monetary cooperation, and Yen is the best one to be the nominal anchor inside the East Asian area. But because of the domestic problems, Yen is hard to become the key money. RMB is not a kind of global money, so it can't be the real nominal anchor before being international. At last, we give some applicable suggestion to improve the competitive capacity of RMB.The main body includes four parts:Part I is the documents of monetary competition. It introduces the major researches of the monetary competition.Part II is the monetary competition inside the East Asian monetary cooperation. In this part, we select the major money in the East Asian monetary cooperation. And then, we analyze the backgrounds of the three kinds of money from the blow of the Asian financial crisis, the reform of the global monetary system and the authority competition of the East Asian monetary cooperation.Part III is the comparison of the US dollar, Yen and RMB. In this part we compared the competitive ability of the three kinds of money in seven facets: the economic importance; the circulation horizons; the trade relationship among China,Japan and other East Asian countries; the domestic financial condition; the stability and prestige of currency ;the activity to organize and participate in the monetary cooperation; opening of the domestic financial markets.Part IV is the suggestions of improving the competitive capacity of the RMB.