【视频】IMF副总裁张涛：人民币“入篮”有助全球金融稳定
在中国金融四十人论坛（CF40）和美国彼得森国际经济研究所（PIIE）共同举办的CF40-PIIE第二届“中国经济论坛”上，国际货币基金组织（IMF）副总裁张涛就人民币加入SDR的历史背景、意义及未来展望发表了演讲。
https://v.qq.com/txp/iframe/player.html?vid=t0334gt4bfd&width=500&height=375&auto=0
张涛首先介绍了SDR的发展历程以及人民币“入篮”的相关准备工作。“根据IMF的既定框架，人民币纳入SDR篮子反映了中国出口规模以及人民币的可自由使用; 也就是说，人民币可在国际交易支付中被广泛使用和在主要外汇市场上被广泛交易。”张涛介绍。
IMF副总裁张涛在CF40-PIIE第二届“中国经济论坛”上发表演讲
他同时指出，人民币国际化的显著增强，得益于中国日益开放和市场化的政策导向支撑，包括：
2015年，在完成SDR审查之前，中国政府采取了一系列广泛措施，使IMF成员和其他SDR使用者能够不受限制地进入在岸外汇和固定收益市场；
在2015年审查之后的几个月中，中国在筹备扩大SDR使用方面取得了显著进展；
中国政府与IMF共同努力，为开展人民币操作做好了准备，并促进其顺利过渡至新的SDR篮子。
“本质上，人民币是未来在应对危机时的一个重要组成部分。”张涛高度评价人民币加入SDR的意义。他表示，人民币可自由使用意味着成员可以在其交易中以人民币支付和还款，中国也期望与其他成员合作，在基金组织相关框架下将人民币兑换为其他可自由使用的货币，而这可能在市场紧张时有着重大意义。“这一点尤其重要。”张涛强调。
IMF副总裁张涛在CF40-PIIE第二届“中国经济论坛”上发表演讲
将人民币纳入其中，是SDR有史以来第一次增加货币数量，这也使得其构成更具代表性。张涛认为，因为配置多样化，人民币作为国际货币将更添吸引力，也有助于分散和管理全球风险。
而对于中国来说，张涛指出，人民币“入篮”也必将促使中国更好地推进金融改革和开放，有助于中国日益融入全球金融体系。“经验表明，货币国际化可以激励一国发展更深更流动的金融市场，使宏观经济更具可预测性，能够帮助发展强有力和可信的机构，确保市场的完整性。”
张涛提到了G20杭州峰会在改革国际金融治理框架方面所取得的成果。“大家都知道，G20杭州峰会已取得共识，决定支持正在进行的在扩大SDR使用方面的研究，如更广泛地发布以SDR为报告货币的财务和统计数据，以及发行SDR计价债券，IMF目前已经开展上述工作。”
改革任重而道远，张涛认为，要实现前述目标，如全球风险多样化、中国金融改革与开放、人民币国际化、改善国际货币和金融体系稳定性等，还有很长的路要走。但他同时相信，将人民币纳入SDR能够及时推动国际金融架构的不断完善。
以下为张涛演讲英文全文：
Good morning, ladies and gentlemen. I am very thankful for the invitation to speak today at the Peterson Institute. You are one of the world’s leading think tanks on the international economy. I am also very pleased to be able to join my friends and colleagues from the China Finance 40 Forum. Welcome to Washington!
Today I will speak to a topic central tothe IMF and integral to the link between China and the international monetary system: the historic inclusion of the renminbi in the Fund’s basket of SDR currencies.
With this step, the renminbi joins the dollar, euro, yen, and pound sterling in playing a central role in the financial operations of the IMF. Inclusion in the SDR basket also has deeper significance for China and the global economy. So in the time I have today I would like to highlight the importance of this initiative, beginning with some background on the Fund’s action—and the steps China took to reach this stage.
As most of you know, the Special Drawing Right is an international reserve asset that can supplement the reserve assets of the Fund’s member countries. It was created by the IMF in 1969 at a time when the supply of two key assets—gold and the U.S. dollar—was insufficient to support the expansion of world trade and financial flows.
The composition of the SDR basket has shifted over time, from 16 currencies in 1974 down to four before the renminbi was added on Saturday. Decisions on its composition are part of a regularfive-year review by the Executive Board. In November 2015, the Executive Board of the IMF decided to expand the SDR basket and include the renminbi, effective on October 1, 2016. Based on the established framework by the IMF, the renminbi’s inclusion in the SDR basket reflected the size of China’s exports and the emergence of the renminbi as a freely usable international currency; that is tosay, as defined in the Fund’s Articles of Agreement, the currency has been deemed to be widely used to make payments for international transactions and widely traded in principal exchange markets.
The inclusion of the Renminbi thus recognizes a significant increase in the internationalization of the Chineserenminbi (RMB) in recent years, underpinned by policy reforms to achieve China’s transition to an increasingly open and market-based economy:
For instance, last year, in the lead upto the completion of the SDR Review, the Chinese authorities took a broad set of measures that allow the IMF, its membership, and other SDR users to have unrestricted access to onshore foreign exchange and fixed-income markets. This allows them to perform Fund-related and reserve management transactions in RMB.
In the months following the 2015 review,there have been notable developments in preparation for the SDR expansion: for example, China had begun to report a representative portfolio of the composition of its reserves on a partial basis, and had committed to gradually increasing to full coverage in two to three years. Also, along with London and 20 other centers, New York was added as a clearing center for the renminbi,which placed the currency at the heart of principal international markets.
Most importantly, the Chinese authorities have worked diligently, together with the Fund and its members, to prepare for conducting operations using the RMB and to facilitate a smooth transition to the new SDR basket.
So what major changes will occur now that the Chinese currency is in the SDR basket?
This inclusion also means RMB has now become a freely usable currency. This means that members now may receive the currency in their transactions, receiving disbursements and making repaymentsin RMB. And as an issuer of a freely usable currency, China will be expected to collaborate with the Fund and other members on what we call a “best effort basis” to exchange renminbi into other freely usable currencies in the context of such Fund-related transactions. This obligation could be particularly relevant at times of market stress. So, in essence, the renminbi becomes integral to a future crisis response.
This is the first time in history that the number of currencies in the SDR basket has increased. The inclusion of the RMB also makes the composition of the SDR basket more representative of the currencies being traded in the world. The RMB’s inclusion will make it more attractive as an international currency, contributing to greater risk diversification. All of these will help spread and better manage global risks.
The inclusion of the renminbi in the SDR basket also will strongly support China’s continued efforts to reform its monetary, foreign exchange, and financial systems. It will help facilitate the country’s increased integration in the global financial community.
In this regard, inclusion should help consolidate the process of renminbi internationalization, a theme that this seminar will explore in greater depth. Experience shows that currency internationalization can encourage the development of deeper and more liquidfinancial markets. It can deliver more predictable macroeconomic outcomes,assist the development of strong and credible institutions, and secure the integrity of the markets.
Of course, these will not be overnight achievements, but they can be crucial for China’s continued emergence as asource of economic growth and financial stability. The continuation and deepening of reform efforts, with appropriate safeguards, are essential to support the growth and stability of China and the global economy.
So what of the future of the SDR?
Many of you will have noted that the G20 leaders at the Hangzhou summit supported an “ongoing examination of the broaderuse of the SDR”, including issuance of SDR-denominated bonds and broader reporting in SDR terms. This is the work the Fund is now undertaking.
In this regard, it was important to see that the World Bank’s IBRD issued a landmark 500 million SDR-denominated bond in the Chinese market last month, a first in 35 years. It was the first trancheof what could be a two billion SDR issuance program.
These developments are first steps. There is a long way to go to achieve the purposes and goals I have outlined— global risk diversification, Chinese financial reform, renminbi internationalization and improved stability of the international monetary and financial system. But there is reason for confidence that the inclusion of the RMB in the SDR basket can, in time, make a difference in our closely connected global economy. As for the Fund, this milestone proves that we stand ready to adapt to change in the global economy.
Before I conclude, let me wish we will have a successful discussion. However, I have to run to another event of the annual meetings, and I will have to miss the opportunity to listen to my fellowspeakers and hear the views from this impressive audience. I would very much like to continue this dialogue when future opportunities arise.
Thank you.
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