KINH TE - PHAP LUAT CHAU AU
DONG CUR
TR6N
THj
TRUdNG
TRI CHINH QUOC
T€ Hlf
N NRV:
vi TH€'VR
CRC
Vl'u
TO RNH
HUdNG
Ths.
Nguyen Thi Vu Ha - Nguyen Thanh Hue
Trir&ng
Dai hoc Kinh te - Dai hoc
Qude
gia
Hd
Noi
Su ra ddi cua ddng EUR dem da den hy
vgng ve mot cue tien te du manh de duy tri
sir
can bang cua he thdng tai ehinh - tien te the
gidi,
von le thugc qua muc vao ddng USD ke
tu sau hdi nghi Bretton Wood. Tuy nhien,
cuoc khiing hoang ng cdng chau Au hien nay
da khiln dilu nay bi nghi ngd. Vay tren thuc
tl,

EUR luon chilm mot ty trgng khoang
37-38%
tren thi trudng ngoai hdi va chi diing
vi tri thu hai sau ddla My. Cude khung
hoang tai chinh d My culi
nam
2007 da
khiln cho ty trgng cua EUR tren thi trudng
ngoai
hii
tang len dang kl (hon 40% tu culi
nam 2007
din
culi nam 2009). Gia tri cac
'
Thj
trudng
t^i
chinh
cju6c it
bao g6m:
Thj trudmg
ngoai
h6i,
thj
truemg
tien
t?
qu6c
tg,

trao doi ngoai hdi, vi the cua EUR va USD
ludn van dgng ngugc chieu nhau mot
each
rd
net. Cu
thi
la kl tii khi chinh thuc luu hanh
tren thi trudng, vi the cua dong EUR tien gan
sat nhat vdi vi the cua ddng USD, nhung
cang ve sau thi vi the cua hai ddng tien cang
each xa nhau theo chieu hudng ddng EUR
ngay cang giam dan vi the cua minh. Cu the
la vao
nam
2001, ty trgng cua EUR chilm
hon 50% cac ddng tien trong giao dich ngoai
hoi phai sinh, nhung den
nam
2009, con sd
nay chi con khoang 40%.
Ngugc lai vdi hoat ddng phai sinh lien
quan den trao ddi ngoai hoi, hoat dgng phai
sinh lien quan den lai suat ghi nhan mot
sir
vugt len cua dong EUR. Ty le giao dich bang
ddng EUR la
39,1%,
trong khi ty le cac giao
^
BIS,

nhien muc do tang ty trgng cua EUR trong
cac hoat ddng phai sinh lai suat cdn thap.
Ty trong cac
dong tien
(%)
Dola My
EUR
Yen Nhat
Bang Anh
2001
89.9
37.9
23.5
13.0
2004
88.0
37.4
20.8
18.5
2007
85.6
37.0
17.2
14.9
2010
84.9
39.1
19.0
12.9
Ngudn: BIS,

-
Tai
Jiuy
Jan.
July
Jan.
July
Jaik.
Jvty
Ngudn: The international role of
the Euro. 2010.
USD
EUR
JPY
Ty
trgng
c^c
d6ng
tien trong
giao djch
ngo^i lioi
phai sinh
(%)
Cic
dong tien
khiic (die nirfrc piiit trign)
Ciic
dong tien
IcIiAc
(cic

*.,„,.
""
JPY lai
suat
(%)
^~~
Cic dong tiln
Idiic
(cic
niriv pliit Irien)
Cic dong tiin
khii
(cic
aain
DPT)
I
'''
••>•••.
,^ .* •'
*
" '
2001
2003
2003
2007
2009
Ngudn:
The
international role of the Euro,
2010.

doan cuoi nam 2007, dau nam 2008. Ngugc lai
vdi xu hudng do, ty trgng cua dong EUR
tir
khi ra ddi den nam 2003 giii d
miic
30%
nhung sau do giam dan va
xuIng miic
thap
nhat (20%) vao khoang culi nam 2007. Gia tri
cac khoan tien
giii bSng
Yen Nhat In
djnh
d
miic
5% trong
suit
khoang thdi gian
tir 1999
-
2008 va c6
sir
giam
siit
sau cuoc khung hoang
toan cau.
Nguyen nhan
ciia sir
van dgng ngugc

xuIng
dudi
miic
60%
trong khi ty trgng cua EUR da tang len
miic
khoang 23%. Tuy nhien, kl tir culi nam 2009,
khi FED dua ra nhiing chinh sach hieu qua
giiip
nIn
kinh tl My phuc
hIi
trd lai va dau
hieu ve mot cuoc khung hoang ng cong chau
Au ngay cang ro net da lam giam vi the cua
EUR. Ty trgng cua EUR tren thj trudng nay
vao cuoi nam 2009 chi con giii d
miic
22%^.

fcref-praph-usd.en.html
"
ECB (2008, 2009,
2010),
The international role of
the EURO,

48
NGHIEN
CQU

^
**-
1999

2001
2003
J
£-_
^
2003
2007 2009
Ngudn:
The international role
of
the
EURO,
2010.
•
Tren
thi trudng tin dung quoc te
Ke tir khi EUR ra ddi den nay, ty trgng
cac dong tien tren thj trudng cho vay kha on
dinh (ty trgng
ciia
USD xoay quanh
mure
50%;
EUR xoay quanh
miic
20% va Yen Nhat chilm

lirgrng
Thi
philn
CUSD
billions)
Cperce^ilasei^
34 coBstaaxt exchaOLSe
rates)
USD
EUR
JPY
otbjsr
8,000
7.000
6,000
S,000
4.000
3,000
2,000
1.000
0
111
I
[I
ill
— USD
EUR
JPY
8,000
7,000

Ngudn:
The international role of the
Euro,
2010
fDeng
l^Qldl
triri
thi
tru'd^ng
tai ehinh
49
Chenh lech
lai
suat cac khoan vay
bing
USD va EUR nam 2006
1thang
3
thSng
^6 th^ng
gl.nam '
i 5.09737
,,
5.1988
•'15.27789 ,^^,
5.31296"
4
i
1
94319^^

1.6%
so vdi ciing ky nam trudc
do^.
• Tren thi trudng chiing khoan quoc te
Gia tri cua cac chung khoan
ng^
djnh danh
bing
EUR khong ngimg tang len kl tir khi no ra
ddi cho den nay (ngoai trir mot
sir
suy giam nam
2008 so vdi 2007 do anh hudng cua khung
hoang kinh tl toan cau). Ben canh do, ty trong
ciia EUR tren thi trudng nay cung tang, tir
khoang 20%
(miic gin bing
vdi Yen Nhat) vao
nam
1999
len hon 30% vao nam 2009 (trong khi
Yen Nhat chi chiem dudi 10%). Dilu nay cho
thay vi
thi
cua EUR da tang len so vdi khi mdi ra
ddi.
Cung dl dang nhan thay, theo thdi gian,
EUR da thay
thi
Yen Nhat dl trd thanh

va
15%^.
Nam 2008, khi khiing hoang kinh tl dien
ra d My va c6 nguy co lan rgng ra toan cau,
FED da lien tuc
cit
giam lai
suit
va den thang
12/2008,
lai
suit
cac chiing khoan ng dinh
danh
bing
USD ky han 2, 5 va 10 nam da giam
xuIng miic
lan lugt la 0.89%, 1.5% va 2.18%,
trong khi cac chiing ng djnh danh bang EUR
ciing ky han
lin
lugt la 2.342%, 3.069% va
3.698%*.
Lai
suit
cua cac churng khoan ng djnh
danh
bing
USD thap da thiic
diy

31.4% (giam 0.8% so vdi cuoi nam
2008) va tang ty trgng cac churng khoan ng djnh
danh
bing
USD len 45.8% (tang 1.1% so vdi
cuoinam
2008)".
' ECB
(2008,
2009,2010),
sdd.
*
Thj truemg churng
khoin ng
1^
thj truemg
m^
t^i
do
ding ti^n
dugc dimg de djnh danh churng khoan
kh6ng phdi
14 ding
tiln cua
nude nguexi pMt hdnh
turc
\k thi
tnremg chi bao
gIm
cic giao dich qu6c ii.

'2003 2005
•—.
1999

.•-•,
••-^
2001
'•••«u_
!20O3 7001 200?
20QS
Ngudn: The international role of the EURO, 2010.
Diem dang luu y la nam 2005, ty trgng
cua USD giam xuong
mire
thap nhat trong khi ty
trgng cua EUR tang len
miic
cao nhat va hai ty
trong nay xap xi nhau. Dieu nay la do nam 2005,
lai suat
ciia
cac trai phieu ky han 5 nam va 2 nam
dinh danh
bing
EUR
thip
hon cac trai phieu
ciing ky han khac
lin
lugt la

dinh danh
bing
USD
thip
da thiic day viec phat
hanh churng khoan ng dinh danh bang EUR, tuy
nhien viec USD
mit
gia 2% so vdi EUR vao
culi nam
2008*'*
lai ngan chan
sir
tang trudng
'^
ECB
(2008,2009,
2010),
sdd.
"Nt.
"*
Gertrude Tumpel - Gugerell (2009), presentation
The
Future of Reserve Currencies, ECB.
nay. Do dd, tinh theo ty gia hien hanh, den cuoi
nam 2008, ty trgng cua USD la 44.7%, tang nhe
(1.4%) so vdi cung ky nam 2007 trong khi ty
trgng
ciia
EUR van

miirc khoang
2.8 nghin ty vao quy
diu
tien cua nam 2009,
sau do khoi phuc len
miic
hon 3 nghin ty vao
nua sau ciia nam. Tren thuc te, phan
Idn
cac
trai philu, ky phieu dinh danh
bing
EUR dugc
"
ECB
(2008,2009,
2010),
sdd.
'*Nt.
(Dang&atdl
trin thi
trt^^tg
tai ehinh
51
phat hanh bdi cac
thi chi
tai chinh. Culi nam
2009,
ty trgng ciia khu vuc nay xoay quanh
mire

phieu ciia USD
Idn
hom so vdi EUR (4.7 nghin
ty so vdi 3.1 nghin ty) nen mac
dii
cac the che
tai chinh phat hanh trai phieu, ky phieu dinh
danh bang EUR d
miic
69% (trong khi ty trgng
cua no trong phat hanh trai phieu, ky phieu
dinh danh bang USD thap hon la 52%) nen cac
to chiic nay van phat hanh mot lugng
Idn hem
cac trai phieu, ky phieu dinh danh bang USD
trong hoat dong phat hanh
ciia
no.
Gia tri cac trai phieu quoc te
dugrc
djnh danh
bing
EUR xet theo khu vuc phat hanh (Ty
USD)
(USD billions)
C4c
to
chiic
quoc
tS

1,500
1,000
500
0
1999
2001
20O3
2005 2007 2009
Sources:
BIS and ECB
calculations.
I) Includes public
corporations,
public banks and other public
financial institutions.
Gia
trj
cac trai phieu quoc te
dirgrc
djnh danh
bing
EUR xet theo khu
vyc
phat hanh
(%,
quy
IV nam 2009)
(percentages;
jchu
v^c

I) Includes
public corporations, public banks and other public
financial institutions.
Nguon: The international role of the Euro,
2010.
• Trong
dif
trie ngogi hoi todn cau
Du-
trir ngoai
hIi
toan
ciu
khdng phai la
mot trong
si
cac thi trudng tai chinh toan cau
nhung viec xem xet tinh hinh sir dung dong
EUR vdi vai tro la dong tiln du
trir
cung rat
quan trgng. Dir trii ngoai hoi la phuomg tien de
cac
quIc
gia can thiep vao nen kinh te bang
each
mua ban cac dong tien va no cung co moi
quan he mat thilt vdi can can thanh toan quoc
tl.
Do dd, ty trgng cac

—USD —EUR
-JPY
I 1 1 1
1—n
1 1 1
r
1999
2000
2001
2002
2003 2004
2005 2006 200? 200
^70
60
50
40
30
20
Ngudn: The Future of Reserve Currencies, 2009.
So lieu tren cho thay USD la ddng tien
dugc
dir trir
nhieu nhat vdi ty trgng trong du
trir ngoai hoi toan
ciu
tir 60%
din
70%, dumg
thii
hai la dong EUR vdi ty le dao dgng tir 20 -

nam
2003,
din
culi nam
2003,
EUR
da tang gia
gin
20% so vdi USD
[15].
Do do,
gia tri cac tai san dinh danh bang EUR va ty le
cua chiing trong du
trii"
toan
ciu
tang len.
Ngugc lai vdi xu hudng do, ke tir dau nam
2005,
ding
EUR lien tuc giam gia so vdi USD,
tinh den culi nam 2005, EUR da giam gia
14%
so vdi USD [15]. Dilu nay lam cho gia tri cac
tai san dinh danh bang EUR giam va gia tri cac
tai san dinh danh
bing
USD tang len, dan den
tang ty trgng ciia USD va giam ty trgng cua
EUR trong du trir ngoai hdi toan

tang ty trong
ciia
EUR trong ro tien te dugc sir
dung bdi Ngan hang Trung uong Nga tir
10%
-
20%
vao thang 5 nam 2005, len
lin
lugt la
35%
(8/2005), 40% (12/2005) va 45%
(2/2007)'^
* Thic hai, tinh long cua cac tai san dinh
danh
bing
EUR da tang len dang kl. Mot cuoc
khao sat dugc thuc hien bdi Ngan hang Thanh
toan Quoc tl
(BIS)
da dua ra
kit
qua la 74% cac
Ngan hang Trung uong cho rang cac trai phieu
dinh danh
bing
EUR cd tinh long cao, diing thir
hai sau cac trai philu dinh danh
bing
USD'^

ding
EUR vin thap
hon so vdi USD. Tuy nhien, ty le su dung
dong EUR trong nhung nam gan day da tang
so vdi khi dong EUR bat dau chinh thiic dugc
dua vao
sii
dung. Mat khac, dong EUR dugc
sir dung nhilu nhat d cac
nude
EU khong phai
la thanh vien Eurozone, sau do den khu vuc
BIC
My, trong khi do no dugc sir dung rat it d
cac
nude
chau A - noi
ding
USD dugc sir
dung
phi
bien.
Nhu da noi d tren, ty trgng cua USD trong
dir
trir ngoai
hIi
toan
ciu
khong ngimg suy
giam ke tir khi EUR ra ddi cho den nay. Cuoc

giii nguyen ty trong
cua EUR va tang ty trgng
ciia
cac
ding
tiln
(khong kl Yen Nhat) khac len 9.6%
(diu
nam
2008
miic
nay la
7.8%)^'.
Dilu nay la do trong
bii
canh kinh tl toan
ciu
co nhilu biln dong,
viec da dang hoa du trii ngoai
hIi
se giam bdt
riii
ro cho cac
nude.
"
Ellas Papaioannou and Richard Portes (2008), The
international
role of the euro: a status report,
European Commission.
" ECB

vi
My trong
tSng
GDP toan cau (theo PPP)
100%
8OP/0
eop/o
40%
20%
0%
!.MUIKt,it;ftirit.M»ilMII
«M,HII
I
iKIuVTIcdTkigELR
IM?
IKIBC
2.
Cac yeu to anh
hirdng
den vj the
cua dong EUR
• Quy mo kinh te, do md
ciia
cua khu
vuc su dung dong EUR (Eurozone)
Eurozone la mot khu vuc co quy mo kinh
te
Idn
(GDP theo ngang gia sire mua cua khu vuc
nay nam 2010 la

Georges Pineau, (2010), The global use of the
dollar
and
Euro,
European Commission, tai lieu duac
lly
tu trang web

va dong Yen la nhung dong tien dugc sir dung
rgng rai trong cac quan he kinh te quoc te,
trong dd quy md kinh tl tuomg duong vdi
vi
the cac ddng tien.
Ngoai quy md kinh te thi
miic
do md
cira cua khu vuc chau Au, My va Nhat Ban
cung cho thay vi
thi
cua cac
ding
tiln nay tren
cac thi trudng tai chinh
qude
tl. Do md cira
cua Eurozone trong thdi ky tir 2001 den 2007
la
gin
38%, tang 5% so vdi thdi ky tir 1997
din

tai ehinh
55
Toe dO
tang tru&ng kinh te cua My, Eurozone va Nhat
Ban tir
2007
- 2010
8"
„
1
°
S -1
9"
S
i -2
^—Eiiraarea
USA
-•—Japan
2007Q1
2007Q3
2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3
Gia tri xuat khau cua cac
nvdc
trong gia tri xuat khau toan cau
(bao gom
thvo'ng
mai noi Khoi
Eurozone)
57%
• eurozone

EUR dugc
sii
dung rgng rai trong thuomg
mai
quIc
tl. Yeu
ciu
su dung
ding
EUR trong
xuat nhap khau se
din din
mot loat cac hoat
dong tren cac thi trudng tai chinh ma mua ban
ngoai hoi va hoat dgng tai chinh phai sinh la
dien hinh. Do do, cac ngan hang cung se
cin
d\f
trii dong EUR trong du
tr&
ngoai
hIi
cua
minh dl can thiep vao thi trudng khi
cin
thilt.
Day la ly do lam cho ddng EUR dugc
sii
dung
ngay mot rgng rai hon.

nii
bat. Dilu do cung
ding
nghTa vdi viec Eurozone kho long vugt
My vl quy mo kinh tl trong
ngin
han va dong
USD
vin
se giii vumg
vi
the hang dau
ciia
no
trong nhung nam tilp theo.
•
Su dn
dinh
miic gid chung
(Igm
phdt)
ciia Eurozone
56
NGHIEN
COU
CHAU AU - EUROPEAN STUDIES REVIEW
N°07 (130).2011
*
>
»

khu vuc nay da dao dgng manh hon trudc, len
miic
4% vao nam 2008 va xuong
miic
dudi 0%
vao nam 2009, nhung sau do da In dinh trd lai
vao nam 2010.
So vdi cac nude, Eurozone van la noi co
gia ca dn dinh nhat ca trudc va sau khung
hoang. Giai doan tir 2000 - 2007, chenh lech
giiia
miic
gia thap nhat va cao nhat d khu vuc
nay chi la 0,5% trong khi d My la hon 2% va d
Nhat khoang 1,5%. Giai doan tir 2008 - 2010,
mire
dao dgng d My da len tdi 8% (gan 6%
nam 2008 va -2% nam 2009) va d Nhat Ban
cung la hon 4%.
Nhu vay,
sir
In dinh cua gia ca d cac
nude thanh vien giiip cho ddng EUR dugc tin
tudng
sii
dung rgng rai tren the gidi.
Gia ca tieu diing cua cac
nvdc
•United Kingdom
-Japan

central bank statistics
in a
global
context,
2010.
• Su phdt trien
vd
hgp nhat thi trudng
tdi chinh EU
Yeu to gop phan vao viec quyet dinh
vi
the quoc te
ciia
mot ddng tien la
sir
phat trien
cua cac thi trudng tai chinh tai
nude
phat hanh
dong tien dd. Cac thi trudng tai chinh cua chau
Au neu on dinh, phat trien va hgp tac tot
vdi
nhau se khien cho dong EUR nang cao dugc
vi
the
ciia
minh. Hien nay, thi trudng tai chinh
Eurozone co tinh thanh khoan cao, dac biet la
cac trai phieu chinh
phii bing

lugt
17%
va
14%
so vdi trudc
day^".
'
ECB
(2008,2009,2010),
sdd.
^e*tg Sdtdl
trin thi
tnOttg
tai
ehitih
57
100
Tinh thanh khoan cua cac trai phieu chinh phu dinh danh
bing
cac dong tien
Tinh thanh khoan cua cac trai phieu chinh phii djnh danh
bang cac dong tien
50
48
I I • •
11
Euzo Pound sterling Japanese
Yen
Aiistzalian Canadian KZ
dollar

EUR so vdi USD. Cac chinh
phii
d chau Au van dgc lap trong viec phat
hanh trai phieu va tu quylt dinh
miic
lai suat
din
den lai
suit
trai philu chinh phu d cac
nude
trong khu virc co
sir
chenh lech.
Chinh
sir
khac nhau vl he thing luat
phap,
he thong thanh toan va he thing thul
ciia
cac
quIc
gia thanh vien da can trd
sir
phat
triln va hgp
nhit
thi trudng tai chinh toan khu
vuc.
KI

ding
USD da
timg thay
thi vi
tri hang
diu
ciia Bang Anh
tren cac thi trudng toan
ciu,
nhung thdi ky sau
do Bang Anh van dugc
sii
dung kha rong rai.
Ly do la trong mot thdi gian dai, ngudi ta da
hinh thanh thdi quen sir dung Bang Anh trong
cac giao dich kinh tl. Thuc tl la nam 2004, gia
tri cua Bang Anh trong cac giao dich ngoai hoi
chiem den 16,9% trong
ting
gia tri giao dich
toan cau
26
Mat khac, kl tir sau Chiln tranh
thi
gidi
thir Hai, ngay cang co nhieu ngudi sii dung
dong USD. Dilu nay
din din
cac giao dich
bing

bi thay
thi.
Thdi gian kl tir khi
ding
EUR dugc dua vao su dung chinh thiic
trong
ITnh
vuc tiln mat
din
nay
ehua
phai la
mot khoang thdi gian dai, trong khi USD da
chiem
vi
the dgc ton tir
gin
60 nam nay. Do
do,
EUR
vin ehua thi
trd thanh thach thiic
Idn
dii
vdi vi
thi
cua USD.
25
/> 2*
58

le^ium ^IwCyiinE
,
.
« .^1 Pojanl
%oatia,
*™5*embo.rg»
\^
F
'
irk Sovakia
MAfrica
iapai
Latvia
f
Romania
Estonb
U.S.
dollar invoicing share
in
country imports
|asashafetftiAaiin|iorts|
\M!t
«
Turkey
aeece
iFrance
"^iCypms Wa
UK
j,^
Estoiia •Poland

bing
USD.
Dieu nay la do mot so nguyen nhan sau:
Thir nhdt, a mot
si nude
san
phim
xuat khau
chii
yeu la dau md san pham dugc dinh gia
theo USD (trudng hgp Algeria -
nude
cung
cap dau
thii
7
thi
gidi); Thir hai, thdi quen su
dung USD lam
ding
tiln chinh ffong thanh
toan
quIc
te (Han Quoc);
Thii
ba, miirc do ddla
hoa cao trong mot so
nIn
kinh tl.
of the Dollar and Euro,

tai va on dinh
ciia
ddng EUR.
^Deng^/ltU
trin thi
trtOng
tai ehinh
59
10,0
5,0
0.0
•5,0
•10,0
•15,0
Tham hut ngan sach va
no-
cong cua cac nude Eurozone 2001 - 2009
• 10,0
Budget deficit
%
Of
GDP
\.
Ireland
PuWicdcbti^iofGDP
I I I I I I I I
00 01
02
03 04 05
06 07

ciia
cac
nude
Y,
BI
Dao Nha, Tay Ban Nha,
Ailen
va Hy Lap da dao dgng d muc tir 5%
din
15%
GDP,
trong dd Hy Lap la nude co
miic
tham
hut ngan sach
Idn
nhat (15% GDP). Ben canh
do,
nhilu nude da cd ty le ng cong vugt qua
miic
60% theo thoa thuan Masstricht. Cu the
Hy Lap va Y la nude co ty le ng cong
Idn
nhit,
d
miic
120% GDP, ty le ng cdng d Bo Dao
Nha la 60% GDP va d Tay Ban Nha la
gin
70%

BI
Dao Nha khong
thi
giai quylt dugc
ng
nIn ding
nghia vdi viec dat Tay Ban Nha
vao tinh trang bao dgng. Hien nay, cac
nude
EU mdi chi dua ra nhiing giai phap mang tinh
chit
tam thdi dl
khIng
che khiing hoang, tuy
nhien, cac van de
cit
loi cua KhIi - nguyen
nhan chinh gay ra khung hoang ehua dugc giai
quylt triet dk. Dilu nay anh hudng khong it tdi
tuomg lai dai ban ciia dong EUR.
60
NGHIEN
COU
CHAU AU - EUROPEAN STUDIES REVIEW
N°07 (130).2011
Trong boi canh tren,
ding
NDT dugc nhieu
ngudi xem nhu la ddng tien co kha nang thay the
vi

sii
dung dong
ban te cua moi nude lam phuong tien thanh toan
thay
VI
sir dung ddng USD hay mot ngoai te
thii
3 khac.
Thir
hai,
nude nay da ky hiep udc hoan
doi tien te vdi nhieu nude tren
thi
gidi.
Ben canh
do,
chinh phu nude nay cung thuc hien chuong
trinh
thii
nghiem sir dung Nhan dan te cho xuat
khau. Ngoai ra, Trung QuIc cung tim each nang
cao
vi
the cua minh trong
IMF.
Dau thang
9/2009, Trung QuIc mua trai philu
IMF
vdi gia
tri tuong duomg 50 ty USD

khic
phuc dugc nhirng diem yeu
ciia
Khoi, de
dam bao
ring
tinh trang tdi te hien nay se
khong tiep dien trong tuong lai. Ngay ca khi
khu vuc nay phat trien on dinh diing quy dao
ciia
no, EUR
vin
can mot sd ylu tl
cin
thilt
de trd thanh ddi trgng
ciia
USD, do do vdi tinh
trang hien nay
ciia
khu vuc chau Au, dong tien
nay khong
thi
thach thirc vi tri
ciia
USD trong
tuong lai gan.
Tai lieu tham khao
1.
BIS, 2010, Foreign exchange and

tai lieu dugc lay tir trang web
^pub/html/index.en.html
5.
Gertrude Tumpel - Gugerell (2009),
presentation The Future of Reserve
Currencies,
ECB.
6. Kristin J.Forbes (2010), Underlying
determinants
of global
currency
status.
7.
/>vi-the-dong-usd-qua-cac-giai-doan-tac-dong-
doi-voi-viet-nam 336826.html
8.

ml/eurofxref-graph-usd.en.html
9.
/>statistics