美国货币互换体制的法律缺陷及对中国的启示
The Legitimacy Defects of International Currency Swaps System and the Enlightenment to China

美联储的货币互换体制以货币互换协议为基础，并经由协定的网络化，着力巩固美元在全球货币体系中的核心地位。对于正在着力推进人民币国际化的中国而言，美联储的做法值得借鉴。但美联储货币互换机制存在主体不适格、风险防范机制不完善、正当性不足等问题，中国理应采取相对应的措施对人民币互换机制予以完善。
Based on lots of currency swaps agreements and their cross-connection, the Federal Reserve made efforts to strengthen the core position in the global currency system, which provides guidance to China in its RMB’s internationalization. While the Federal Reserve currency swaps system is lack of subject qualification, risk prevention mechanism, and legitimacy. We should take possible measures to avoid such problems.