China is in any case not far from meeting the requirements. It is already a major currency fortrade and investment. The government has eased capital controls and liberalised financialmarkets. One particular bugbear was removed in May when the IMF declared that China’scurrency was no longer undervalued relative to the dollar to which it has been loosely pegged.
不管怎样,中国距离满足这些要求并不遥远。人民币已是贸易和投资的主要货币。中国政府已经放宽了资本管制,开放了金融市场。IMF今年5月宣布人民币相对其松散挂钩的美元已不再被低估,为中国除去一个巨大的心病。
Two concerns do still raise doubts. One is whether the RMB meets the criteria laid down obligingit to be “freely usable. Requirements such as the need for China to increase foreign access tomarkets and further open its capital account may have been hampered by the spectacle ofBeijing’s Sisyphean attempts to buoy a slumping stock market over the last two months.
有两个问题仍引起疑虑。一个问题是,人民币是否符合能够“自由使用的标准。一些要求——比如中国需要扩大外资的市场准入范围并进一步开放资本账户——的实现,可能已受到北京方面过去两个月“西西弗斯式救市壮举的阻碍。
Aside from the question of eligibility, the IMF must also wrestle with the diplomaticconsequences from a potential rearrangement of the top table. Were China to be inducted itwould need a weighting in the SDR basket commensurate with its trading heft, giving it awhopping 13 per cent against the 6.7 per cent currently held by Japan.
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2020-09-15
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