摘要
受保护主义抬头、地缘政治冲突加剧、贸易市场割裂等因素影响,国际贸易和国际金融中的不稳定因素日益增多,传统跨境支付在成本、速度、运营等方面面临一系列挑战.在国际清算银行创新中心的推动下,由四个法律辖区联合创建的多边央行数字货币桥(mBridge)项目为解决跨境支付的突出问题提供了新思路.本文在深度调研多家参与mBridge试点的央行机构和商业银行基础上,系统梳理了 mBridge的内涵及运行机制,从经济效应、安全稳定效应、普惠效应及网络效应等方面对mBridge支付体系的独特优势进行了经济学分析,阐明其在治理机制、支付机制、信用机制、监管机制、技术机制和市场机制上的系列创新,及其在数字经济时代作为国际支付体系改革方向的重要价值.为更好地满足维护货币主权、保护隐私和技术迭代等需求,本文建议进一步完善mBridge的顶层设计和技术创新机制,更好地发挥mBridge在跨境支付中的作用,为人民币国际化开辟新赛道.
Abstract
Under the influence of the rise of protectionism,the intensification of geopolitical conflicts,the fragmentation of trade markets and other factors,the uncertainties in international trade and international finance have significantly in-creased.Traditional cross-border payments are facing a series of challenges,including issues related to cost,speed,operation and etc.Driven by the Bank for International Settlements Innovation Hub,the multi-CBDC Bridge(mBridge),jointly created by four jurisdictions provides a new way to solve the outstanding problems of cross-border payments.On the basis of in-depth investigation of central bank institutions and commercial banks participating in the mBridge pilot project,this article systematically examines the effect and operating mechanism of mBridge.This article points out that com-pared with the traditional cross-border payment system,mBridge shows stronger economic effect,security and stability effect,inclusive effect and network effect.It can provide faster,cheaper,more transparent and more inclusive cross-border payment services,which represents the direction of the reform and development of the international payment system.This article ex-pounds a series of innovations in the mechanism of mBridge,including the governance mechanism of five-party consultation and co-governance,the payment mechanism facilitating flexible connection for onboarding and offboarding from mBridge,the credit mechanism with the central bank assuming the central point,an efficient and inclusive supervision mechanism,a decen-tralized and robust technical mechanism and a market mechanism with a focus on payment.In order to better meet the needs of safeguarding monetary sovereignty,protecting privacy and technological iteration while meeting the diversification of international payments,this article proposes four suggestions.Firstly,effectively safeguard mon-etary sovereignty and financial stability of various countries.Secondly,improve storage design,strengthen data privacy and gov-ernance.Thirdly,introduce new functions to better meet the diversified needs of international payments.Fourthly,expand the use of RMB on mBridge to pave the way for a new track in RMB internationalization.
维普
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