人民币纳入SDR有助国际金融

 　　WASHINGTON, July 12 (Xinhua) -- The International Monetary¹ Fund (IMF) should include Chinese currency renminbi (RMB) into its special drawing rights (SDR) basket as it will help reform the international financial system to reflect the growing weight of major emerging market economies, experts said.

　　"The international system of economic governance is at a turning point," and particularly the IMF "is facing challenges on all sides," Harold James, professor of History and International Affairs at Princeton University, and Domenico Lombardi, director of the Global Economy Program at the Centre for International Governance Innovation in Canada, wrote in a recent article published on the Project Syndicate website, one of the world's leading op-ed websites.

　　The U.S. Congress has blocked the IMF 2010 quota² and governance reforms that would expand the role of emerging economies in the institution for years, and the "Europe has drawn³ the organization into its debt crisis" with Greece having already missed a payment on its IMF loans, the experts said, adding that the IMF also " carries a stigma⁴" in Asia because of its flawed response to the region's financial crisis in the late 1990s.

　　Chinese currency inclusion into SDR basket helps advance reform of international financial system: experts

　　"How can the IMF reprise its role as a guardian⁵ of international financial stability? One solution could be to adjust its international reserve asset, the Special Drawing Rights, by adding the Chinese renminbi to the basket of currencies that determines its value," they said.

　　The SDR was created in the 1960s as an international reserve asset that IMF members can claim in times of need. Currently, there are only four currencies in the SDR basket, namely the U.S. dollar, the euro, the British pound and the Japanese yen⁶.

　　In order to serve a stable reference unit at a time of increasing exchange-rate volatility⁷, "the SDR basket would need to be more comprehensive, including the currencies of large emerging economies, beginning with China," the experts said.

　　The IMF is conducting its five-year review of the SDR basket this year and will decide whether to include the RBM into its basket this fall. At the last SDR review in 2010, the RMB, or the yuan, met the export criterion, but was assessed as not meeting the "freely usable" criterion.

　　Taking stock of progress in the RMB's international use in recent years, the experts believed that the RMB now meets the requirement of being "freely usable."

　　"Since the introduction of a series of domestic reforms aimed at increasing the renminbi's use in international payments, the currency has become the fifth most used for that purpose, accounting⁸ for over 2 percent of such transactions. That may not seem like a large share, but it is less than one percentage point below that of the Japanese yen," they argued. "The one sticking point that remains⁹ is that the renminbi is not freely convertible¹⁰, with China's government having yet to eliminate capital controls."

　　But the IMF has revised its stance on capital controls in recent years and major central banks have been moving toward adopting a mild form of capital controls, according to the experts, suggesting that being "convertible" should not become a key obstacle for the RMB's admission to the SDR basket.

　　China's market-oriented reform of the RMB exchange rate could also spur investors¹¹ to advocate for a global asset, they said, noting that the U.S. dollar has appreciated against almost every currency this year except the RMB.

　　The IMF formally changed its view of the RMB exchange rate in May, declaring that it was "no longer undervalued." Many experts believed that the value of RMB has reached equilibrium¹².

　　"If the IMF is to remain relevant at a time of rapid economic transformation¹³, it must adapt. By adding the Chinese renminbi and perhaps other emerging-market currencies -- to the SDR basket,it would demonstrate its willingness and ability to do just that,"the experts concluded.

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

3 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

4 stigma   

n.耻辱，污名；(花的)柱头

参考例句：

• Being an unmarried mother used to carry a social stigma.做未婚母亲在社会上曾是不光彩的事。
• The stigma of losing weighed heavily on the team.失败的耻辱让整个队伍压力沉重。

5 guardian   

n.监护人；守卫者，保护者

参考例句：

• The form must be signed by the child's parents or guardian. 这张表格须由孩子的家长或监护人签字。
• The press is a guardian of the public weal. 报刊是公共福利的卫护者。

6 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

7 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

8 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

9 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

10 convertible   

adj.可改变的，可交换，同意义的；n.有活动摺篷的汽车

参考例句：

• The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。
• That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

12 equilibrium   

n.平衡，均衡，相称，均势，平静

参考例句：

• Change in the world around us disturbs our inner equilibrium.我们周围世界的变化扰乱了我们内心的平静。
• This is best expressed in the form of an equilibrium constant.这最好用平衡常数的形式来表示。

13 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。