1. Special Drawing Rights (SDR), also known as "paper gold", was first issued in 1970. It is a book asset allocated by the International Monetary Fund according to the share subscribed by member countries, which can be used to repay IMF debts and make up the balance of payments deficit among member governments.
2. RMB has become the currency in the SDR currency basket. 20051October 30th 20 165438 The International Monetary Fund officially announced that RMB 20161kloc-0/joined the SDR (Special Drawing Rights).
3.20 16 10 1, the value of SDR is determined by the current exchange rates of a basket of five currencies, namely, US dollar, Euro, RMB, Japanese yen and British pound, and their weights are 4 1.73%, 30.93% and1respectively.
Although RMB has a long way to go to become a global reserve currency, joining SDR is undoubtedly a new starting point for RMB and China's financial market to enter the international stage.
The mainstream view is that obtaining the qualification of "international reserve currency" means that foreign exchange reserves will flow to RMB in the medium and long term. At present, the RMB accounts for a small proportion of global foreign exchange reserves, accounting for only about 1.3 trillion US dollars of global reserve assets. UBS predicts that if the share of RMB rises to 5% by 2020, it may mean that about $80-1000 billion of capital will flow into RMB every year in the next five years. Desmond Fu, an analyst with Western Asset, an asset management company, told China Business News: "The entry of RMB into SDR marks the IMF's recognition of the rising status of RMB in the global financial market. In the long run, global central banks may further increase their holdings of RMB assets. In addition, in order to strengthen regional financial stability, bilateral swap arrangements between RMB and other countries' currencies will be further increased to avoid excessive dependence on the US dollar, and partial' de-dollarization' is also an effective way to isolate exchange rate risks. "
Source:
/news/20 15/ 12/47 19072 . html
/link? URL = vt 1 fpevl 7 bwourmvvuc-nqkwievgklq 0 xy-mcleq 1 s7qsdgaruqm 6 wt2 op 9 1 illksocvsgsg 5 idnol C4 wdgvlvrpkxgt 7 _ 5 gdpliahqvzxadraiauu 2 jmib _ 0 e4l 84 KD
Textbook knowledge:
Economic globalization is mainly manifested in the globalization of production, trade and capital.
Foreign exchange is a means of payment for international settlement, and the exchange rates of different banknotes are called foreign exchange. Due to the exchange of different banknotes, the international foreign exchange market has formed, which is affected by many factors and fluctuates unsteadily.
RMB's participation in SDR is conducive to enhancing RMB's international influence, internationalizing RMB, becoming the world's major currency, rationally allocating RMB capital around the world, and reducing exchange costs and exchange rate fluctuations.