摘 要：人民币目前已在中国周边的国家和地区范围内大量流通，部分国家和地区同中国的贸易也使用人民币结算。从推进人民币区域化的成果中可以看到，人民币的自由兑换将有益于提高我国的国际地位，促进我国国际贸易的发展，减轻欧美国家施加给人民币的升值压力。在其他国家货币国际化案例中，值得借鉴的是日本和波兰的货币国际化过程。日本的经验说明，货币的自由兑换要求本国有着健康良好的宏观经济和充实的外汇储备。另一方面，波兰兹罗提的教训表明，人民币的自由兑换是一个渐进的过程。没有完善的金融监管和合理的汇率机制，放开资本项目将对国家实体经济造成巨大冲击。在实现人民币的自由兑换后，中国的汇率机制将面临选择，国外资金的涌入加大了中国通货膨胀的压力，如何解决这些问题是当务之急。

关键词：资本项目、自由兑换、汇率制度

Abstract: The RMB is currently in China's neighboring countries and regions within the large circulation, some countries and regions trade with China also uses the RMB. Leaning from the advance of RMB regionalization, the free convertibility of the RMB would be beneficial to enhance China's international status. It would promote China’s international trade, reducing Europe and the United States to impose pressure on the RMB's appreciation. In the case of other countries in the international currency, Japan and Poland's currency internationalization process is worthy to reference. Japan's experience shows that the free convertibility of the currency requirements of their own has a healthy macro-economic and fulfilling foreign exchange reserves. Other hand, the painful lessons of caution Polish Zloty free convertibility telling that the free convertibility of the RMB will be a gradual process. Without a sound financial supervision and a reasonable exchange rate system, the real economy will be enormous national impact. After the free convertibility of the RMB, China's exchange rate regime will face a choice. How to resolve these issues will be top priority.

Keywords：capital projects, free exchange, exchange rate system