扩大SDR使用与人民币国际化——基于国际经验的比较借鉴

The Expanding Use of SDR and the Internationalization of RMB——Based on the Comparison of International Experience

本文实证分析SDR组成货币在SDR的权重与其占全球外汇储备份额的关系,以及扩大SDR使用对二者关系的影响。结果表明:一种货币在SDR的权重变化对该货币占全球储备份额的影响为正,扩大SDR使用有助于增强此正向影响的程度,而且这样的增强效应在发展中国家的外汇储备比发达国家更显著。上述结果的启示在于,扩大SDR使用应成为入篮后推动人民币国际化的重要环节之一。

The authors of this paper empirically analyze the relationship between the weight of the SDR-currency in SDR and its share of global foreign exchange reserves, and the impact of expanding use of SDR on the relationship. The results of the paper show that the impact of the change in the currency＇s weight in SDR on the global reserve share of the currency is positive, and the expanding use of SDR will help further enhance the positive impact of the share, and the enhancing effect in the foreign exchange reserves of developing countries is more significant than that of developed countries. The lesson of the above results is that the expanding use of SDR should be one of the important steps to promote the internationalization of the RMB after RMB entering the basket.