Its value is currently determined by a basket of reserve currencies consisting of US dollar, Euro, RMB, Japanese yen and British pound. When a member country has a balance of payments deficit, it can exchange foreign exchange with other member countries designated by the IMF to pay the balance of payments deficit or repay IMF loans, and it can also act as an international reserve like gold and freely convertible currencies.
Because it is a supplement to the original ordinary drawing rights of the International Monetary Fund, it is called special drawing rights.
When it was first issued, each unit was equal to 0.888 grams of gold, which was equivalent to the US dollar at that time. The purpose of issuing SDR is to supplement gold and convertible currencies to maintain the stability of the foreign exchange market.
20051October 30th 20 165438 The International Monetary Fund officially announced that RMB 20161kloc-0/joined the SDR (Special Drawing Rights).
1, 20 16 years 10 month, the value of SDR is determined by the current exchange rate of a basket of five currencies, namely, USD, EUR, RMB, JPY and GBP, and its weights are 4 1.73%, 30.93% and/kloc-0 respectively.
Extended data
Main applications
According to the provisions of the IMF Agreement and IMF resolutions, the SDR can be used for the following purposes:
1. According to paragraph 3 of Article 19 of the Fund Agreement, participating countries may apply to the IMF to arrange freely usable foreign exchange with other participating countries under the SDR account according to the needs of the balance of payments or reserve situation;
After receiving the application, the IMF can coordinate and designate some participating countries (with good balance of payments and strong international reserve status) as recipients of SDR, and conduct foreign exchange with the applicant country within the prescribed time limit;
There is no proportional restriction on the exchange rate of the applicant country, and all the SDR held by it can be converted into freely usable foreign exchange.
2. According to paragraph 2 (b) of Article 19 of the Fund Agreement, a participating country can also exchange SDR into other currencies (including foreign exchange that cannot be freely used) by reaching an agreement with other participating countries, without obtaining the approval of the Fund or following the relevant provisions and principles of the Fund (including restrictions on the "need" of exchange);
However, such transactions should follow the principle of not violating Article 22 of the Fund Agreement (changing the international reserve structure).
3. According to paragraph 2 of Article 17 of the Fund Agreement, participating countries may apply to transfer their special drawing rights held under the special drawing rights account to the general resource account, so as to make up for the debts caused by the reserve of participating countries under the general resource account being less than 25% of its quota, or to repay other debts owed to the Fund (such as those owed according to paragraph 6 of Article 5 of the Fund Agreement);
After receiving the application from the applicant country, the SDR department of the IMF actually needs to convert the SDR from other participating countries into the required currency and transfer it to the general reference account of the applicant country. Therefore, in this process, the IMF must obtain the consent of the relevant foreign exchange countries.
4. According to the current IMF resolution, SDR collectively represents five freely usable currencies (called SDR basket) in an adjustable proportion, which is relatively stable and can be used as a monetary unit.
5. According to Article 30 of the Fund Agreement, the SDR can also be used for other related financial business between member countries and non-member countries of the Fund as long as it is approved by the Fund.
Judging from the existing IMF resolutions and current practices, SDR has been used between member countries and non-member countries for forward trade payment, specific loans, international financial settlement, international financial business deposits, fund interest and dividend payment, grants and so on.
Finally, as a relatively stable international reserve asset and monetary unit, the IMF can change the pricing method and principle of SDR at any time under the authorization of Article 15, paragraph 2 of the Fund Agreement.
When SDR was founded, it was directly linked to gold (ISDR value was 0.88867 1 gram of gold). After the second revision of the fund agreement, it was linked to the currencies of 16 countries.
According to resolutions 663 1 and 6708 adopted by the IMF Executive Board in 1980, the SDR currency basket will be composed of the currencies of the five IMF member countries with the highest international export trade and service trade from 1986 1, and will be adjusted every five years thereafter, and the five currencies will be designated as free.
According to the SDR currency basket that came into effect on June 1 986 65438+1October1,the SDR set represents the value of five currencies, namely the SDR basket.