As for the renminbi itself, it would undoubtedly get a symbolic boost to its credibility by beinginvited into the SDR basket with the big kids. But reserves managers around the world areconservative and independent characters, and are unlikely to outsource their assessmentof what constitutes a liquid and reliable currency to a politically influenced process at the IMF.They are much more likely to want to hold renminbi assets if they know they can be bought andsold easily and quickly and that the value of the currency is not going to be jerked around bypolitical meddling.

至于人民币本身，被邀加入SDR货币篮子(从而跻身主流货币行列)对其信誉无疑会起到象征性的提升作用。但世界各地的外汇储备管理者都是保守、独立的人士，他们不大可能会将自己评估一种货币是否具有流动性和可信度的任务外包给IMF的一项受政治影响的程序。如果他们知道人民币资产能够便利、快速地买卖，而且其价值不受政治干预所左右，他们会更有可能想要持有人民币资产。

Precautionary reserves are held for the purposes of market intervention, not to earn a return,so deep and liquid markets are leading concerns. SDR membership is neither necessary norsufficient for reserve asset status. The Swiss franc, for example, is quite widely held as areserve currency (certainly relative to the size of the Swiss economy) without being in the SDRbasket.

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