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SDR虽为IMF创立的官方储备资产,但只有在兑换成SDR篮子货币或其它可自由使用货币后,才能发挥国际储备的作用,因此,SDR实质上构成IMF一成员国向其他成员国获取可自由使用货币融资的法定或意定请求权。SDR的这些特性与人民币入篮所追求的人民币国际化的动因,对我国的资本项目管理制度、汇率制度、金融市场制度提出了变革要求。由于SDR的特性使然,加之人民币入篮后所要满足的要求高于入篮标准,我国需要充分地开放资本项目,在立法上除保留确有必要维持管制的有限项目之外,其他资本项目应充分开放。在汇率制度上,人民币“一币双价”与《IMF协定》规定的等值原则相冲突,我国应实行自由浮动汇率制,以消除这一冲突和实现汇率并价。此外,IMF对SDR篮子货币利率计值的金融工具的要求,需要我国改革国债利率定价制度,使之合理地反映市场信贷状况,并采取措施深化我国国债市场的深度。
Although SDR is an official reserve asset created by the IMF, it can only play an international reserve only after it is converted into an SDR basket currency or other freely usable currency. Therefore, SDR essentially constitutes an IMF member state that is free to other member states Legal or intent to use money financing. These characteristics of SDR and the motivation of RMB internationalization pursued by the RMB into the basket put forward the requirements for the reform of our country’s capital account management system, exchange rate system and financial market system. Due to the characteristics of SDR, combined with the higher requirements of the RMB to be introduced into the basket into the basket, our country needs to fully liberalize its capital account. In addition to retaining a limited number of items necessary for regulatory control, other capital items should be sufficient open. In the exchange rate system, the RMB “one currency ” "conflict with the equivalent principle stipulated in the IMF Agreement, our country should implement a free floating exchange rate system to eliminate this conflict and realize the exchange rate and the price. In addition, the requirements of the IMF for financial instruments denominated in the SDR basket need to reform China’s interest rate system so that it can reasonably reflect market credit conditions and take measures to deepen the depth of China’s national debt market.