人民币国际化不能依赖SDR_时事_双语阅读-查字典英语网

人民币国际化不能依赖SDR

The SDR asset, sometimes likened to a monetary Esperanto, is a peculiar creature. Created inthe 1960s to meet the world’s demand for reserve assets when the dollar — constrained byits link to gold — could not do so, that rationale disappeared when the Bretton Woods systemcollapsed in the early 1970s. Since then, even after the creation of $250bn in SDRs in 2009 toboost reserves and liquidity during the global financial crisis, they make up less than 4 percent of non-gold global official foreign exchange reserves, less than half the level in the1970s.

SDR资产是一种奇特的产物，有时被比喻为货币领域的世界语。它诞生于上世纪60年代，目的是满足世界对储备资产的需求，因为当时美元受制于与黄金挂钩无法担当此任。然而，当布雷顿森林体系(Bretton Woods)于上世纪70年代初瓦解后，这种理由也就不存在了。从那时起，包括在2009年新增2500亿美元SDR以提振全球金融危机期间的储备和流动性之后，其在全球官方非黄金外汇储备中所占的比例都不到4%，还不到上世纪70年代水平的一半。

This renders the SDR largely irrelevant except in a minor role as an accounting unit: thebasket of four currencies that compose it — the dollar, the euro, the yen and sterling — isoccasionally used to value internationally traded goods. There is no liquid private market inSDR assets and to use SDRs for intervention or other purposes first requires them beingbroken down into their constituent currencies.