2016 年10 月1 日人民幣正式加入IMF特別提款權（SDR）貨幣籃子。入籃不僅成為加快中國金融體系全面開放、助力人民幣國際化的重要里程碑，也勢必在多方面影響全球SDR 機制的運作，對推動國際貨幣體系改革具有積極的促進作用。

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，人民幣入籃會使SDR具有更多全球代表性，這種代表性會發生實質性擴大，SDR本身也會產生質變。第二，人民幣匯率波動遠小於其他貨幣，入籃將增加SDR 匯率籃子的穩定性。第三，增加了成員國儲備資產的選擇性，可滿足多樣化需求。第四，進一步增強了SDR的吸引力。

按着目前的份額分配，人民幣在新籃子中的權重是10.92%，低於美元的41.73%和歐元的30.93%，高於日元的8.33%和英鎊的8.09%。然而，SDR籃子中各國貨幣分配的權重並不代表各國央行外匯儲備中實際的貨幣配置。以美元為例，它在SDR籃子中的權重為42%左右，但在各國外匯儲備中的配置佔比卻高達64%，遠遠超出其在SDR籃子中的權重。這實際上表明，是否納入SDR，以何種比重納入SDR，更多表現為形式上的意義，而不直接代表也不決定一國貨幣的國際化進程。

目前，經IMF官方確認的儲備貨幣有美元、歐元、英鎊、日元、瑞士法郎、加元、澳元等七種，但其中僅有四種是SDR一籃子貨幣。也就是說，納入SDR是成為儲備貨幣的既非充分也非必要條件。目前人民幣在國外央行資產負債表外匯儲備項目被列入“其他貨幣”，加入SDR 後，人民幣就此獲得了IMF 官方認可的“合法”身份，不僅從“其他貨幣”項目中單列出來，還可以從IMF定期公布的外匯儲備數據中匯總得到央行購買人民幣的總額數據。不過，人民幣並不因為被納入SDR 就自然成為儲備貨幣。入籃不意味着終點，而將成為中國邁向開放型金融體系的新起點。

SDR評審前後，中國雖然經歷了資本市場的動蕩，但中國仍然堅定推進金融改革與開放，進展可能是所有改革領域中最快的。回顧近年來的改革歷程，為使人民幣符合SDR對於貨幣“可自由使用”的要求，中國央行已經做了很多的功課。

人民幣入籃SDR可以增強中國的國際購買力。當前，人民幣業務離岸清算行已拓展至全球22個國家和地區，終於實現了五大洲清算網絡的全覆蓋。中國積極調整人民幣中間價形成機制，削減人民幣匯率中間價與市場價的偏離程度，推動建立跨境人民幣支付系統（CIPS），現在已經在美國、英國、德國、法國等成立了離岸人民幣清算銀行。今年以來，中國央行先後對境外央行類機構開放銀行間債券和外匯市場，逐步擴大RQFII、RQDII以及投資者範圍，增加可投資產品。滬港通已經啟動，深港通也啟動在即，內地與香港資本市場互聯互通機制將得以加強。

然而，本質而言，人民幣若要充分執行計價、結算和儲備等國際貨幣職能，繼續提升人民幣作為金融交易貨幣的吸引力，未來匯率利率市場化、資本開放等基礎性制度改革仍需繼續推進。

作為新入籃的儲備貨幣，全球央行對於增加人民幣儲備的可能性非常大。而中國也正積極尋求擴大SDR的使用，包括發行以SDR計價的債券。從國際比較來看，中國中長期的潛在經濟增長率以及國債收益率相比發達國家仍然是比較高的，這就意味着中國資產對於全球資金仍然具有較強的吸引力。

與此同時，如果SDR債券用人民幣結算，那麼人民幣在金融結算中的使用也會相應增加。倘若人民幣匯改與資本項目開放進程得以順利推進，市場主導的力量將逐漸提升，匯率彈性將進一步加強，從而繼續提高金融市場市場深度和活躍度。受此影響，各類人民幣國際貸款、國際債券以及貿易融資都會快速發展，從而帶動包括香港在內的全球離岸市場進一步活躍。

從發展趨勢看，這也意味着未來人民幣國際化路徑，可能由跨境貿易結算推動，向更多通過計價和儲備貨幣驅動轉型。

On Oct 1, the RMB officially joined the currency basket of the Special Drawing Right (SDR). The inclusion of the RMB into the SDR not only marks an important milestone of accelerating a comprehensive opening up of China's financial system and helping globalize the RMB but will also influence the SDR global operation mechanism in many aspects, promoting the reform of the international currency system.

As shown by the IMF World Economic Outlook data, China became the world's second-largest economy in 2010. The inclusion of the RMB into the SDR will make the SDR more globally representative. Its global representativeness will expand substantially and the SDR itself will have a qualitative change. Second, the fluctuation of the RMB is far smaller than the other currencies, so the inclusion of the RMB will improve the stability of the SDR basket. Third, the inclusion of the RMB provides the member countries with more choices of reserve assets, which meets the need of diversification. Fourth, the inclusion in the SDR will further enhance the attraction of the SDR.

According to the current share allocation, the weight of the RMB in the new basket is 10.92%, lower than the US dollar's 41.73% and the euro's 30.93% ,but higher than the yen's 8.33% and the pound's 8.09%. However, the allocated weight of the currencies in the SDR basket does not represent the actual currency allocation in the global central banks' foreign reserve assets. Take the US dollar for an example, the dollar's weight in the SDR basket is about 42%, but its allocation in the countries' foreign reserve assets is as high as 64%, much higher than its weight in the SDR basket. This actually proves that the inclusion into the SDR and the weight in the SDR is more meaningful in form than substance and does not directly determine the internationalization of a currency.

At present, reserve currencies officially confirmed by the IMF are the US dollar, the euro, pound, yen, Swiss franc, Canadian dollar and the Australian dollar. But only four of them are the currencies in the SDR basket.The inclusion into the SDR grants the RMB a “legitimate” status officially recognized by the IMF. Not only the RMB is listed as a reserve currency, but also, China can get the total amount of the RMB bought by the central banks from the foreign reserve data regularly published by the IMF. The inclusion of the RMB will be a new starting point towards the financial opening up.

Before and after the SDR evaluation, despite its capital market turmoil, China still insisted on pushing forward its financial reform and opening up， and the progress was possibly the quickest in all the reform areas. Throughout the reform in recent years, China's central bank did much homework in order to meet the requirements of the SDR for a convertible currency.

The inclusion of the RMB can strengthen China's international purchasing power. Now, RMB offshore clearing banks have expanded to 22 countries and areas, forming a clearing network covering the five continents. China actively adjusts the RMB central parity rate formation mechanism, reduces the degree of deviation of the RMB central parity exchange rate from the market price and promotes the establishment of the Cross-border Inter-bank Payment System (CIPS). Now the RMB clearing banks have been set up in the US, Britain, Germany, France and elsewhere. Since the beginning of this year, China's central bank has successively opened the inter-bank bond and foreign exchange markets to the foreign central banks, gradually increased Qualified Foreign Institutional Investors (QFII) and Qualified Domestic Institutional Investors (RQDII) as well as other investors, and expanded the investment products. Shanghai-Hongkong Stock Connect was already launched and the Shenzhen-HK Stock Connect is coming soon. Thus the interconnection between the mainland and Hongkong capital markets will be reinforced.

However, in essence, if the RMB will take the functions of pricing, clearing and reserve as an international currency, China needs to continue improving the RMB's attraction as a financial transaction currency. The fundamental reforms such as marketizing the exchange rate and opening up the capital market should be carried on in the future.

The global central banks will very much likely increase the RMB reserve as the RMB becomes a new reserve currency in the SDR basket. China is actively seeking a wider use of the SDR, including the bonds denominated in the SDR. Internationally, China's mid-and long-term potential economic growth rate and the treasury yields are still higher than those of the developed countries, meaning that China's assets are still very appealing to the global capital.

At the same time, if SDR bonds are settled in RMB, more RMB will be used in the financial settlement correspondingly. If the RMB exchange rate reform and the opening of the capital account can be smoothly carried on, market orientation force will gradually get stronger, exchange rate will be further flexible; the financial market will enjoy stronger market depth and get more brisk. Affected by all this, all kinds of RMB international debts, international bonds and trade financing will quickly grow, thus further stimulating the global offshore markets including Hongkong.

From a long-term perspective, it means that the RMB internationalization will be more driven by being used in pricing and as reserve currency rather than by cross-border trade settlement in the future.