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

这使得SDR大体上变得无足轻重，除了作为一种核算单位的次要角色：由4种货币(美元、欧元、日元和英镑)构成的货币篮子只是偶尔被用于评估国际贸易商品的价值。目前不存在具有流动性的SDR资产私人市场，而要利用SDR资产进行干预或其他目的，首先需要把它们分解为成分货币。

A few years ago Zhou Xiaochuan, then governor of the People’s Bank of China, called for theSDR to become a super-sovereign reserve currency. That call was treated respectfully as acontribution to the global monetary governance debate in much of the world. In the US,probably correctly, it was regarded as part of China’s campaign to get other countries to bail itout of its own lopsided reserve accumulation policies by allowing Beijing to transform itsdollar-denominated reserves into SDRs without selling its dollars on the open market.

中国人民银行行长周小川几年前曾呼吁将SDR变成一种超主权储备货币。他的呼吁在世界大部分地区被尊称为对全球货币管理辩论的贡献。在美国，周的呼吁被认为是中国策略的一部分，目的是让其他国家帮助自己摆脱不平衡的外汇储备积累政策，方便北京将美元计值的储备资产转变为SDR资产，而无需在公开市场出售美元——这种观点或许是正确的。

The renminbi’s potential addition to the SDR, whose basket is reviewed every five years,carries risks for the credibility of the asset itself. If the unit is to take off as a reserve andindeed privately held asset, it will need to develop a deep and liquid market. This may not beassisted by the addition of a currency like the renminbi which, though its use has been growingrapidly, is still not much traded in foreign exchanges and which has a very small share of globalbond markets and cross-border bank lending.