人民幣納入SDR（特別提款權）是國際貨幣改革進程中的一個重大事件。正如IMF總裁拉加德所言，將人民幣納入SDR貨幣籃子的決定是中國經濟融入全球金融體系的一個重要里程碑。

從一定意義上講，加入SDR等於IMF正式為人民幣作為國際儲備貨幣進行背書，也意味着二戰以來國際貨幣體系改革取得重大進展。布雷頓森林體系暴露出的重大缺陷，是美元在現行國際貨幣體系中具有“一幣獨大”的特殊地位。在布雷頓森林體系下，以美元為支柱的國際貨幣體系面臨“特里芬難題”，即美國國際收支逆差下，美元幣值穩定與美元供給充足之間存在衝突。因此，IMF創設了SDR，以緩解主權貨幣作為儲備貨幣的內在風險，為國際貨幣體系改革提供一種新的思路。

然而，從發展進程來看，SDR作為國際儲備發展十分緩慢。SDR設立至今，其在國際貨幣體系中所實際起的作用有限，2014年SDR 在IMF成員國儲備資產中所佔比例依然不足4%。數據顯示，截至9月份，IMF各成員國的SDR配額僅相當於2800億美元，而同期全球儲備資產規模高達11.3萬億美元，前者不及後者的零頭。特別是結構比例失衡，SDR 籃子中的貨幣只有四種，其中美元佔41.9%、歐元佔37.4%、英鎊佔11.3%、日元佔9.4%，且所屬國家均為發達經濟體，但其GDP總量僅佔全球的約50%。這種結構比例無法反映新興經濟體在全球經濟和金融格局中的作用，因此加快SDR份額改革勢在必行。

IMF每五年對SDR進行一次評估。按照標準，SDR籃子的組成貨幣必須滿足兩個條件：第一必須是IMF參加國或貨幣聯盟所發行的貨幣，該經濟體在籃子生效日前五年考察期內是全球四個最大商品和服務貿易出口地之一，符合“主要交易國”標準；第二是“使用自由”標準，即貨幣在國際交易支付中廣泛使用並在主要外匯市場中廣泛交易。

從當前情況看，人民幣已經符合IMF認定的這兩大標準。首先，人民幣跨境使用進程正在加快推進。SWIFT數據顯示，2014年，人民幣成為全球第二大貿易融資貨幣、第五大支付貨幣、第六大外匯交易貨幣。今年8月份，人民幣首次超過日元成為全球第四大支付貨幣，市場份額升至2.79%，創歷史新高，排名前三的美元、歐元、英鎊所佔份額分別為44.8%、27.2%、8.5%。

其次，目前全球有近15個離岸人民幣清算中心。中國與亞洲、歐洲各國建立的人民幣清算安排、核准人民幣格境外機構投資者（RQFII）、簽訂貨幣互換協議都是人民幣國際化進程中的重要步驟。2014年以來，中國已經與英國、德國、盧森堡、法國、瑞士分別簽署了人民幣清算協議，形成了“五足鼎立”的人民幣離岸中心格局。2009年以來，中國與33個國家簽訂了貨幣互換協議，總計金額達到3.1萬億人民幣，幾乎覆蓋全球。離岸人民幣存款近2萬億元，且離岸人民幣債券和其他人民幣資產市場發展迅速。

人民幣“入籃”對國際貨幣體系改革將產生深遠影響。在SDR構成中，美元、歐元、英鎊和日元的權重將從原來的41.9%、37.4%、11.3%和9.4%分別下降至41.73%、30.93%、8.09%和8.33%，而人民幣加入SDR所佔權重為10.92%（儘管不及預期），位列美元、歐元之後，成為SDR貨幣籃子中的全球第三大貨幣。

中長期看，人民幣在本輪評估中通過IMF例行的SDR定值檢查，獲得IMF官方認可，跨入SDR籃子，可以視為人民幣國際化、邁入國際儲備貨幣行列的里程碑，象徵意義巨大。首先，IMF《世界經濟展望》數據顯示，中國在2010年就成為全球第二大經濟體，人民幣加入SDR，會使得SDR本身具有更多的全球代表性和公正性。第二，SDR增加第五種貨幣，會使其價值穩定性有所增加。第三，增加了成員國儲備資產的選擇性，以滿足多樣化的需求。據統計，目前，全球已經有50多家央行把人民幣納入儲備資產。第四，會增加SDR的吸引力，同時人民幣也參與國際鑄幣稅的收益分配。

人民幣加入SDR產生的綜合效益才剛剛開始，“入籃”並非是終點，而是中國從金融大國邁向金融強國的新起點，更是中國倒逼自身金融體系改革和金融市場提高效率的助力器。未來中國需要藉人民幣加入SDR的契機，積極調整儲備資產配置結構，以“一帶一路”和“走出去”戰略為平台，着力構建有效運轉輻射全球的投資交易與支付清算體系、信用評級體系與金融安全保障體系，積極提升人民幣的全球影響力。

The renminbi's introduction into the SDR basket is a significant development in the process of international currency system reform. As IMF President Christine Lagarde said, the decision was an important milestone in the Chinese economy's integration into the global financial regime.

In a certain sense, joining the SDR equals IMF endorsement of the RMB formally becoming an international reserve currency, marking a significant step forward in post-WWII international currency system reform. As an IMF invention to cope with the “Triffin Dilemma” of the Bretton Woods system, the SDR was meant to ease the inherent risks of sovereign currencies as reserve currencies.

However, the SDR has played a very limited role in the international currency system. By 2014, the proportion of SDR in the reserve assets of IMF member countries remained below 4 percent. By September 2015, the SDR quotas of all IMF member countries totaled only about $280 billion, as compared to the $11.3 trillion in global reserve assets. Structural imbalance turns out to be particularly evident. There were only four currencies in the SDR basket, with the US dollar accounting for 41.9 percent, the euro 37.4 percent, the British pound 11.3 percent, and the Japanese yen 9.4 percent. With all four currencies belonging to advanced economies, the SDR failed to reflect the functions of emerging economies in global economic and financial affairs. SDR quota reform was thus imperative.

The IMF reviews the SDR composition every five years. According to set standards, currencies in the SDR basket must satisfy two conditions: First, they must be issued by an IMF member state, or a currency alliance, and the economic entity has to have been one of the world's four largest commodity and service exporters for five consecutive years prior to the year before the basket took effect; Second, the “free use” criterion, which means the currency must have been widely used in international transaction payments, and extensively transacted in major foreign-exchange markets.

Judging from current conditions, the RMB satisfies those two criteria. First, the process of cross-border use of the RMB is being accelerated. According to SWIFT statistics, the RMB had become the world's second most important currency in trade and fund-raising, the fifth payment currency, and the sixth foreign-exchange currency. By August 2015, the RMB had surpassed the yen to become the fourth global payment currency with a market share of 2.79 percent, creating a historical high. The market shares of the first three, namely the dollar, euro and pound, were respectively 44.8 percent, 27.2 percent, and 8.5 percent.

Second, there have been almost 15 offshore RMB clearing centers. Since 2014, China has signed RMB clearance agreements with Great Britain, Germany, Luxemburg, France, and Switzerland. Since 2009, the country has signed currency-swap agreements with 33 countries, with a combined volume of 310.15 million yuan. Offshore RMB deposits have almost reached 2 trillion yuan, and offshore markets for RMB bonds (dim sum bonds) and other forms of RMB assets have developed rapidly.

The RMB's SDR status will have far-reaching impact on international currency system reform. The weight of the other four currencies in the SDR basket, the dollar, euro, pound, and yen, will be reduced respectively to 41.73 percent, 30.93 percent, 8.09 percent, and 8.33 percent. The RMB's weight will be 10.92 percent (though not as much as had been anticipated), becoming the third-most important currency, after the dollar and euro, in the SDR basket.

From a mid- and long-term perspective, the RMB's admission into the SDR basket may be considered a significant milestone of its internationalization. According to the World Economic Outlook Database of the IMF, China became the world's second largest economic entity in 2010. The RMB's admission into the SDR basket will make the SDR itself more just and representative of the global economy. Second, adopting a fifth currency will also enhance stability of the SDR's value. Third, it increases the options for member countries' reserve currencies, and satisfies diversified demands. According to statistics, more than 50 central banks have introduced the RMB into their reserve assets. Fourth, it makes the SDR more attractive, and the RMB will also participate in the distribution of international seigniorage income.

The comprehensive benefits of the RMB's entry into the SDR have just begun. The SDR status is only a fresh starting point for transforming China from a big financial entity into a strong financial powerhouse. It will prove even more effective as a booster for China to promote its own financial system reforms and improve efficiency of its financial market. In the future, China needs to take advantage of the RMB's SDR status to actively adjust the structure of its reserve assets, and strive to build an investment and transaction as well as payment and settlement system, credit-rating system, and financial security guarantee system that are effective and operate globally, so as to upgrade the RMB's global influence.