(中英文均摘自 IMF 官网)

 

Effective October 1, the IMF is adding the Chinese renminbi (RMB) to the basket of currencies that make up the Special Drawing Right, or SDR.

自2016年10月1日起，IMF将人民币加入特别提款权（SDR）货币篮子。

 

The SDR is an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves. The IMF’s Executive Board agreed to change the SDR’s basket currency composition in November 2015, and the decision now enters into force after a period of transition. The RMB joins the SDR basket in addition to the previously included four currencies—the U.S. dollar, the euro, the Japanese yen, and the British pound.

特别提款权是基金组织于1969年创造的一种用于补充成员国官方储备的国际储备资产。基金组织执董会2015年11月同意改变特别提款权篮子的货币构成，这一决定在一段过渡期后现在生效。除了特别提款权篮子之前包括的美元、欧元、日元和英镑这四种货币外，人民币现也加入特别提款权篮子。

 

In an interview, Siddharth Tiwari (Director of the IMF’s Strategy, Policy, and Review Department) and Andrew Tweedie (Director of the IMF’s Finance Department) explain why this change took place and its significance for the IMF, the SDR, China, and the international monetary system as a whole.

在接受采访时，Siddharth Tiwari（基金组织战略、政策及检查部主任）和Andrew Tweedie（基金组织财务部主任）解释了这一变化为何产生及其对基金组织、特别提款权、中国和整个国际货币体系的重要意义。

 

IMF News: What does the renminbi’s inclusion in the SDR basket mean for China?

基金组织新闻：人民币加入特别提款权篮子对中国而言意味着什么？

 

Tiwari : The RMB’s inclusion is an important milestone in the integration of the Chinese economy into the global financial system.

Tiwari ：人民币加入特别提款权篮子是中国经济融入全球金融体系进程中的重要里程碑。

 

The IMF’s determination that the RMB is freely usable reflects China’s expanding role in global trade and the substantial increase in the international use and trading of the renminbi. It also recognizes the progress made in reforms to China’s monetary, foreign exchange, and financial systems and acknowledges the advances made in liberalizing, integrating, and improving the infrastructure of its financial markets.

基金组织认定人民币可自由使用，这反映了中国在全球贸易中的作用不断扩大，人民币的国际使用和交易显著增加。这也承认了中国货币、外汇和金融体系改革的进展，并认可了中国在放开、整合和改善其金融市场基础设施方面取得的成就。

 

We expect that the inclusion of the RMB in the SDR basket will further support the already increasing use and trading of the RMB internationally.

我们预期，人民币加入特别提款权篮子将对已经不断增加的人民币国际使用和交易起到进一步的支持作用。

 

In addition, while data disclosure is not a formal criterion for a currency’s inclusion in the SDR basket, issuers of reserve currencies generally meet high transparency standards. The Chinese authorities have recently taken welcome steps to increase data disclosure and enhance their commitment to multilateral data initiatives; for instance, reporting the currency composition of reserves to the IMF.

此外，尽管数据披露不是一种货币加入特别提款权篮子的正式标准，但储备货币发行方通常达到较高的透明度要求。中国当局最近采取了受欢迎的措施以增加数据披露并加强对多边数据倡议的承诺，例如，向基金组织报告储备的货币构成。

 

Also, the Chinese authorities continue to work with the Bank for International Settlements on their reporting of the Chinese banking sector statistics. These developments will lead to increased acceptance of the RMB among official holders of foreign exchange reserves.

另外，中国当局还继续就中国银行部门统计数据的报告与国际清算银行共同开展工作。这些进展将促使外汇储备的官方持有者在更大程度上接受人民币。

 

IMF News: Stepping back a bit, what are the criteria for inclusion in the SDR?

基金组织新闻：稍退一步说，加入特别提款权的标准是什么？

 

Tweedie : There are two main criteria for a currency to be included in the SDR basket.

Tweedie ：一种货币加入特别提款权篮子有两个主要标准。

 

The first is the export criterion, which requires that the currencies in the basket be issued by the top exporters of the world. It has been part of the SDR methodology since the 1970s and it aims to ensure that the currencies that qualify for the basket are those issued by members or currency unions that play a central role in the global economy.

首先是出口标准，要求篮子中的货币是世界重要出口方发行的。自上世纪70年代以来，这个标准一直是特别提款权方法的一部分，旨在确保有资格加入篮子的货币是由那些在全球经济中发挥核心作用的成员国或货币联盟发行的。

 

The second is the requirement for currencies in the SDR basket to be determined by the Fund to be “freely usable”—that is, widely used to make payments for international transactions and widely traded in the principal exchange markets.

第二个标准是，特别提款权篮子中的货币必须被基金组织认定为“可自由使用”，即广泛用于国际交易支付，并在主要外汇市场上广泛交易。

 

This criterion became part of the SDR methodology in 2000 to capture the importance of financial transactions in the global economy.

这一标准在2000年成为特别提款权方法的一部分，旨在反映金融交易在全球经济中的重要性。

 

IMF News: How is the renminbi’s inclusion expected to impact the international monetary system?

基金组织新闻：人民币加入特别提款权篮子预计将对国际货币体系产生什么影响？

 

Tiwari : There are several benefits to the international monetary system.

Tiwari ：对国际货币体系而言，有几个好处。

 

First, the inclusion of the RMB in the SDR basket consolidates the RMB’s internationalization process. The internationalization of a currency imposes strong requirements on its markets and institutions.

首先，人民币加入特别提款权篮子将巩固人民币的国际化进程。一种货币的国际化将对其市场和制度施加严格的要求。

 

Experience shows that some of these elements include developing deep and liquid financial markets, achieving a certain degree of openness of the capital account, delivering predictable macroeconomic outcomes, strong and credible institutions, and securing the integrity of the markets—for example, by putting in place a reliable rule of law.

经验表明，其中一些要素包括发展深化和流动的金融市场，实现一定程度上的资本账户开放，保证可预见的宏观经济结果，具备强健和可信的制度，以及确保市场诚信（如建立可靠的法治）。

 

Thus, consolidating and further strengthening the RMB internationalization process will help strengthen the Chinese economy, and therefore the global economy.

因此，巩固和进一步强化人民币的国际化进程有助于增强中国经济，从而有助于增强全球经济。

 

Second, the inclusion of the RMB in the SDR basket enhances the attractiveness of the RMB as an international reserve asset. This will help with the diversification of global reserve assets.

其次，人民币加入特别提款权篮子将提高人民币作为国际储备资产的吸引力。这有助于全球储备资产的多元化。

 

IMF News: How will this change affect the SDR itself?

基金组织新闻：这一变化对特别提款权本身有什么影响？

 

Tweedie : The RMB’s inclusion is not just an important milestone for China, but also for the SDR itself. This is the first time that a new currency has been added to the basket since the euro replaced the French franc and the Deutsche mark in 1999.

Tweedie ：人民币的加入不仅对中国而言是一个重要的里程碑，对特别提款权本身也是如此。这是自欧元1999年取代法国法郎和德国马克以来一种货币首次被加入篮子。

 

The RMB’s inclusion further diversifies the SDR basket and makes its composition more representative of the world’s major currencies. As such, the inclusion is expected to enhance the attractiveness of the SDR as an international reserve asset.

人民币的加入进一步加强了特别提款权篮子的多元化，使其构成更能代表世界主要货币。因此，人民币的加入预计将提高特别提款权作为国际储备资产的吸引力。

 

IMF News: So far we have discussed the implications of the RMB’s inclusion for China, the SDR, and the international monetary system. But how does this affect the Fund?

基金组织新闻：我们已经讨论了人民币加入对中国、特别提款权和国际货币体系的影响。但这对基金组织有什么影响呢？

 

Tweedie : The determination that the RMB is freely usable changes China’s rights and obligations vis-à-vis the IMF and has important implications for the Fund’s financial operations.

Tweedie ：人民币被认定为可自由使用货币，将改变中国相对于基金组织的权利和义务，对基金组织的资金操作有重要影响。

 

When selected to participate in Fund transactions, issuers of freely usable currencies are expected to provide their own currency in purchases (i.e., Fund lending), and receive their own currency from borrowers in repurchases (i.e., repayments to the Fund). This means that, going forward when China is selected, a borrowing member would receive RMB and would need to repay in RMB.

可自由使用货币的发行国在被选择参加基金组织的交易时，需要在购买交易（即基金组织贷款）中提供本国货币，在回购交易（即向基金组织还款）中从借款国收到本国货币。这意味着，今后当中国被选择参加交易时，借款成员国将收到人民币，并需以人民币偿还。

 

If these borrowers ask China to exchange the RMB into another freely usable currency, China would be obliged to collaborate and make its best efforts to assist in the exchange of its currency into another freely usable currency, as is the case with other freely usable currency issuers.

如果这些借款国要求中国将人民币换成另一种可自由使用货币，中国将有义务合作，尽最大努力协助将其货币换成另一种可自由使用货币，与适用于其他可自由使用货币发行国的做法一样。

 

In contrast, when other members whose currencies are not determined by the Fund to be freely usable provide resources in Fund financial operations, they are obliged to exchange their currencies for a freely usable currency.

相反，如果一个成员国的货币未被基金组织认定为可自由使用，当该国在基金组织资金操作中提供资金时，它有义务将本国货币换成一种可自由使用的货币。

 

In addition, currencies in the SDR basket should have suitable exchange rates for SDR valuation purposes and a suitable reference interest rate.

此外，特别提款权篮子中的货币应当具备适当的用于特别提款定值的汇率，以及适当的参考利率。

 

IMF member countries, their agents, and other SDR holders need to have adequate access to instruments denominated in freely usable currencies for reserve management purposes and for hedging risks.

基金组织成员国、其代理方以及特别提款权的其他持有方应有充分渠道获得以可自由使用货币计值的工具，以便实施储备管理和风险对冲。

 

 

 

（编辑：杨昱芳美孜）