The SDR as a Payment Means: Based on the Background of RMB into the SDR Basket
Journal of World Economic Research
Volume 5, Issue 5, October 2016, Pages: 77-82
Received: Nov. 4, 2016; Published: Nov. 5, 2016
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Authors
Si-Yu Wu, School of Economics and Management, Southwest Jiaotong University, Chengdu, China
Wen-Bin Sun, School of Economics and Management, Southwest Jiaotong University, Chengdu, China
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Abstract
With RMB climbing to the international stage gradually, China had been taking a series of policies in the process of promoting RMB inclusion into the SDR basket, which could devote to RMB Internationalization. On November 30th, 2015, IMF Board preclaimed to add RMB into SDR basket formally from October 1st, 2016, being the fifth currency except bound, Euro, yen and dollar, as the first emerging-market currency into SDR. This matter arouse many controversies and discussions about the influence and prospect of RMB inclusion in the SDR basket in academia. It is not only inevitable that the inclusion of RMB owed to the blossom of emerging market economics, but in line with the interest of International Monetary System Reform. This paper analyzes and collates some literature and views about the introduction of SDR, the development and reform of International Monetary System, prospect of RMB included into the SDR basket, our countermeasures and conclusion.
Keywords
RMB Internationalization, SDR, Reform of International Monetary System
To cite this article
Si-Yu Wu, Wen-Bin Sun, The SDR as a Payment Means: Based on the Background of RMB into the SDR Basket, Journal of World Economic Research. Vol. 5, No. 5, 2016, pp. 77-82. doi: 10.11648/j.jwer.20160505.15
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