人民币加入SDR货币篮子及其对金融改革的影响

The RMB Joining in SDR's Currency Basket and Its Impacts on China's Financial Reform

特别提款权(SDR)具有超主权货币的特性和制度基础,有利于完善国际货币体系,但是,其货币篮子的构成及定值机制已不再适应全球经济格局的演变和发展。2015年11月,人民币顺应趋势顺利加入SDR货币篮子,人民币加入SDR后的相关改革成为国际社会的重大关切。人民币加入SDR在中长期有利于人民币国际化、国内金融体系改革和国际货币体系的完善,其成本主要在于潜在的资本项目与市场开放可能引致的风险。人民币加入SDR后,国内金融体系存在的要素价格市场化、基础设施建设、资本项目开放、金融风险应对以及内外市场统筹等问题的改革的急迫性和统筹性更加凸显。总体而言,人民币加入SDR对于完善国内金融市场体系有重要促进作用。

Special drawing rights(SDR) has the characteristics and institutional foundation of international reserve currency. It is very conducive to improve the stability of international monetary and financial system, however, its currency basket and pricing decision mechanism have not adapted to the dynamic changes in the global economic pattern. Adding the Renminbi to SDR 's currency basket and adjustment of SDR 's pricing mechanism has accomplished in November 2015. As to China, Adding the Renminbi to SDR's currency basket is very helpful for the internationalization of Renminbi, domestic financial reform and sta-bility of the international monetary system. The related cost mainly lies in the potential risks of capital account liberalization and financial market openness. China also needs conduct related reforms to eliminate the technical and market barriers after Ren-minbi joining the SDR's currency basket. Becoming one of the SDR basket currencies is a great incentive for China to establish a more effective and efficient financial market in the near future.