ChinajionstheSDR中国加入SDR讲义.ppt

The yuan joins the SDR FORM:/news/business-and-financeits-new-status-might-make-weaker-yuan-chinese-renminbi-joins-imfs Maiden voyage This week (2015.12.1)the IMF decided toinclude the yuan in the basket from next year, joining the dollar, the euro,the pound and the yen. The yuan joins the SDR PASSING through the Suez Canal became easier earlier this year, thanks to an expansion completed in August. Now it is about to become a little bit more complicated. Transit fees for the canal are denominated in Special Drawing Rights, a basket of currencies used by the International Monetary Fund (IMF) as its unit of account. This week the IMF decided toinclude the yuan in the basket from next year, joining the dollar, the euro,the pound and the yen. Suez Canal 苏伊士运河 Transit fees 过境费 Special Drawing Rights 特别提款权 由于苏伊士运河已于今年八月扩建完毕，从今年早些时候起，渡过运河变得容易了许多。现在它的结构变得更为复杂了。该运河的过境费是以国际货币基金组织（IMF）的特别提款权作为计价的——它是以一揽子货币作为其记账单位的。本周，IMF决定从明年起接纳人民币“入蓝”，“篮子”里已有的货币包括美元、欧元、英镑和日元。 Suez Canal 苏伊士运河 Transit fees 过境费 Special Drawing Rights 特别提款权 If lots of things were priced in SDRs, the IMF’s decision would have forced companies around the world to buy yuan-denominated assets as soon as possible, to hedge their exposure. That would have prompted China’scurrency to strengthen dramatically. But few goods or services are priced in SDRs. Instead, admission to the currency club is significant mainly for its symbolism: the IMF is lending its imprimatur to the yuan as a reservecurrency—a safe, liquid asset in which governments can park their wealth. Indeed, far from setting off a grounds well of demand for the yuan,the IMF’s decision may pave the way for its depreciation. 要是许多事务都是以特别提款权作为定价的，IMF的决定迫使全球许多公司要尽快地购买以人民币计价的资产，以此来对冲风险。这将促使人民币大幅升值。但是很少有商品或是服务是以特别提款权作为定价的。相反，加入货币俱乐部更多地具有象征意义：IMF正式批准人民币成为一种储备货币——使其成为一种可令各国政府安心寄放的安全、流动的资产。事实上，IMF的决定可能事与愿违，会令对人民币的需求降温，使人民币贬值。 The reason is that the People’s Bank of China (PBOC