纳入SDR后的人民币国际化与国际货币体系改革:基于货币功能和储备货币供求的视角

RMB Internationalization and Reform of International Monetary System After RMB Is Included in SDR Basket:A Money Function and Reserve Currency Supply and Demand Perspective

人民币纳入特别提款权(SDR)篮子是国际社会对中国经济发展和改革开放成果的肯定,也是人民币国际化重要的里程碑。本文从外汇储备的货币性质出发,通过对外汇储备需求和储备货币供给的讨论,深入分析了当前美元主导的国际货币体系内在不稳定性和演进变革的长期性,指出货币国际化和储备货币地位的提高意味着更大的对外风险敞口和国际经济责任。人民币纳入SDR既是增强国际货币体系稳定性和韧性的重要举措,更是人民币国际化新的起点,对中国的金融改革开放提出了更高的要求。今后应进一步加快推进包括金融在内的全方位深层次改革,稳步实现新常态下的中高速经济增长,切实提升人民币国际化的水平和质量,为人民币国际储备货币地位提供坚实有效的支撑,在国际责任与能力权益相匹配原则下,通过金融双向开放积极促进国际货币体系改革和全球治理体系的完善。

The RMB inclusion into the SDR basket is acknowledgement of China's achievements ineconomic development and reform and opening-up by the international community; it alsomarks a milestone in RMB internationalization. In this article, based on the monetary functionof foreign exchange reserves, we discuss the demand of FX and the supply of reservecurrency, analyze the intrinsic instability and slow evolution of the current internationalmonetary system dominated by the US dollar, and point out that the improvedinternationalization of a country's currency and its rising clout as a reserve currency willincrease a nation's external risk exposure and international economic responsibility. Theinclusion of the RMB in the SDR basket is an important step in raising the stability andresilience of the international monetary system and also marks a new starting point of RMBinternationalization, which requires higher level of financial reform and openness. Chinashould accelerate its reform, including financial reform, in an all-round manner, achievemid- to high-rate growth against the backdrop of economic new normal, improve the qualityand level of RMB internationalization to effectively support the role of RMB as a reservecurrency, and promote the reform of international monetary system and the improvement ofglobal governance regime in line with the principle of striking a balance between internationalresponsibility and capabilities and interests.