本文採用修正的一籃子貨幣模型及分析層次，探析全球金融海嘯前後，亞洲貨幣錨的地位變化與原因。結果發現：亞洲貨幣錨的地位依序為美元、人民幣與歐元；若排除美元，則亞洲已成為人民幣區。尤其2010年起人民幣國際化政策的加速，促成亞洲各國再調高人民幣的權重。究其原因，亞洲各國共同面對美元霸權的威脅、區域貨幣整合的緩慢；反之，中國大陸與亞洲國家經濟互賴與貨幣政治權力活動更加緊密。因此，釘住人民幣是亞洲多數國家的共同利益。
The aim of this study is to adopt the modified basket currency regressions model and the level of analysis technique to dig for causes behind the changed positions of Asian anchor currencies in the period before and after the global financial tsunami. We discovered that the positions of Asian anchor currencies are the U.S. dollar first, the RMB second, and then the Euro; If the U.S. dollar is not taken into account, the Asian region has become a RMB zone. Particularly after 2010, the Chinese government started to accelerate its RMB internalization policies, many Asian countries have responded to it and increased the weight of the RMB in their currency basket. The factors which have caused such important changes are that, while Asian countries commonly faced the threat of U.S. dollar hegemony and the uncertainty of Asian regional monetary integration; China and other Asian countries have integrated economically and financially more than before and China has successfully adopted monetary power to persuade Asian countries to accept and use the RMB as a currency for trade and foreign reserves. Therefore, pegging the exchange rate with the RMB is in the common interest of most Asian countries.
