关键词: 东亚, 货币锚, 最优货币区, 竞争性均衡

Abstract: The appreciation space of Renminbi is determined by collectively competitive equilibrium in East Asian currency.Collective appreciation of East Asian currency makes for relieving international income and expense imbalance all over the world and raises the welfare level of East Asian economy.The foundation that makes Renminbi appreciation drive the whole East Asian region's appreciation has already existed in this area.Renminbi appreciation will not necessarily lead to the decline of export competence,instead,it can raise regional welfare level and relieve the effects of international income and expense imbalance.

Key words: East Asia, currency anchor, optimized currency region, competitive equilibrium