Study on the Erosion and Change of the Dollar's Position as an International Key Currency

这项研究的目的是考察美元作为国际关键货币地位在几个层面上的侵蚀--发票货币、车辆货币(私人货币)。干预货币、储备货币(官方货币)，以及对未来国际金融体系的展望。通过对来源的分析和辩论，我们得出结论：美元作为国际关键货币在车辆货币中的地位是错误的。美元作为国际关键货币地位的关键功能是车辆货币。然而，这种情况正在改变。在国际金融市场分散化和一体化的今天，一方面，亚洲可能出现美元区块、马克区块、日元区块等货币区块。国际货币的这种趋势从伦敦、纽约和东京外汇市场的增长中可见一斑。这就是国际金融市场的分散化。另一方面，国际金融市场是一体化的。浮动汇率制下的金融全球化促进了外汇市场的增长和国际资金的流动，国际货币的多元化也在浮动汇率制下进行。然而，美元的下跌并不意味着美元的侵蚀。这就是当今国际金融体系的不稳定性。

The purpose of this study is to examine of the erosion of the Dollar's position as an International Key Currency at several levels-invoicing currency, vehicle currency (private currency). Intervention currency, reserve currency (official currency)-, and to get perspectives of the international financial system in the future.Through analyzing the sources and debating, we got the conclusion that the Dollar's position as an international key currency at vehicle currency is eroding.The key function of the Dollar's position as an international key currency was vehicle currency. Recentry, however, this situation is changing. Today, there are the decentralization and consolidation of international financial markets.On the one hand, there may happen the currency blocks, such as Dollar block, Mark block, Yen block in Asia. Such a trend of international currency is indicated by the growth of the foreign exchange markets of London, New York, and Tokyo. That is decentralization of the international financial markets. On the other hand, international financial markets are integrated. The globalization of finance under the floating system facilitates the growth of the foreign exchange markets and international money flow.The diversification of international currencies is going on under this floating system. The decline of Dollar, however, does not mean the erosion of Dollar. This is the instability of today's international financial system.