关键词: 国际化 , 货币政策目标 , 资本管制 , 产业结构

Abstract: The rapid growth of Chinas economics has aroused people to rethink the structure of global economics and monetary. One of the important topics is the issue of RMB internationalization. Before the establishment of euro, Deutsche Mark is the secondlargest international currency in the world. However, its internationalization has been limited by the monetary authorities for a long time. This paper will show a systematic analysis of German historical events and related policies, in order to find the underlying causes of the limitation of Deutsche Mark internationalization. The factors include the protection of monetary policy objectives of internal stability using money value, the protection of exporters international competitiveness, the longestablished capital control and the special industrial structure of German. The limitation of Deutsche Mark internationalization has some inspiration to the development model and conditions, as well as the timing of RMB internationalization.

Key words: internationalization , objectives of monetary policy , capital control , industrial structure