厘清及破解:人民币入篮与汇率主权让渡问题

Clarification and Explanation: The Issue of the RMB into the SDR Basket and Exchange Rate Transfer

较之于入篮前,中国汇率问题目前更处于一种被挟裹的状态。入篮在某种意义上自动构成了一种对IMF的部分汇率主权权能的隐性让渡,即应根据IMF对篮子货币的要求采取相应的积极举措在国内和国际两个层面促进汇率的基本稳定并接受IMF框架的相应监督。在IMF框架存在缺陷的现实情形下,利用多边监督和共识机制的联动,促使汇率主权让渡的国际合作,最大可能地体现公平性和自主性,应该是现实可行的举措。特别是在中美两国之间,应以尊重他国汇率主权为前提,基于双边共识持续推动多边共识,在G20机制下共同为稳定全球金融秩序做出相应贡献。

Compared with the constitution which RMB joined into the SDR basket, Chinese exchange rate is more likely in the condition of being strictly controlled. Running the RMB against a basket of currencies, It was automatically considered a transfer of exchange rate sovereignty, or China should take positive action to promote the basic stability of the exchange rate at two levels： domestic and international, and accept the appropriate supervision of IMF. In the reality of the existence of defects in the IMF framework, it should be a feasible measure to combine multilateral supervision and consensus mechanism to improve the international cooperation of exchange rate sovereignty which will most likely reflect fairness and autonomy. Between China and America, Both sides should respect for the exchange rate sovereignty of other countries then facilitate bilateral consensus to multilateral agreements. That is a win-win way for China and the US to jointly contribute to the stability of the global financial order under the G20 mechanism.