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与美国学界及智库谈人民币加入特别提款权问题

2015-11-19   

金中夏,经济学博士,研究员(正高)1981.9-1985.7,北京大学经济学院国际经济系就读,1985.9-1988.2北京大学经济学院国民经济管理系就读,1993.08-1996.10美国夏威夷大学经济学系就读,1988.2在中国人民银行工作。研究领域为国际金融、金融改革。(简历来源:中国经济网国务院部委人物库)


现任驻国际货币基金组织中国执行董事。

Remarks by Dr.JIN Zhongxia at the Reinventing Bretton Woods Seminar on Friday,April 17,2015

Johns Hopkins University


This year,the IMF is expected to undertake its routine SDR review.Compared to quota reform,the SDR review is a relatively small exercise and does not involve any change in members’quota share and voting power,and,given the SDR’s limited issuance and usage,any potential change in the weights and even the basket currency itself will only have a symbolic rather than substantive effect.Still,a more representative and inclusive SDR will contribute to building a better international monetary environment,and may also promote and stimulate a more open,diversified,and integrated international financial system.There is a Chinese saying that goes:if something is good,we should make an effort to pursue it,even if that“good”looks insignificant.


At this stage,it is too early to make very technical and detailed comments on the forthcoming SDR review.I would trust my colleagues in the Board and staff in the Fund to make a professional evaluation and judgment.I would only like to share some philosophical and methodological issues from my personal perspective.



The international financial system represented by the Bretton Woods institutions has been a great innovation and has played an important role in maintaining international financial stability and promoting world development.Its effectiveness and influence have largely relied on its multilateral characteristics.In several recent speeches made by Madame Lagarde,she has repeatedly emphasized the important concept of‘New Multilateralism.’I believe this has reflected the MD’s vision and some deep thoughts on the role and future of the IMF.China was one of the founding members of the Bretton Woods system in 1944.China’s active participation in the IFS in the past seven decades indicates that it endorses and is committed to multilateralism,and it has both contributed and benefitted from its participation.China has both willingness and capacity to become a more constructive participant in future.



Given this background,how should we perceive‘New Multilateralism’from the perspective of SDR review?



First,it is necessary for the SDR to be adaptive to major changes in the world economy.It is important to continue the SDR‘s tradition of being inclusive and representative,while giving due consideration to the efficiency of SDR-related operations.



Secondly,we can adopt a 3-dimentional approach.



·DimensionI:Forward-looking and backward-looking:Being able to foresee a trend of development and recognize major changes in a timely manner,with due attention and respect being paid to historical standards and principals to ensure consistency.


·DimensionII:Looking at the right and left of the existing indicators:The concept of Freely Usable Currency implies that the currency should be widely traded and widely used.While the existing indicators may continue to be valid and important,the rapid development of cross-border capital flows and financial innovation,and the emergence of new investment channels and regional/bilateral financial stability arrangements require that the review should be properly adaptive using some new references.



·DimensionIII:Upward-looking and downward-looking.Look at those aspects with strategic and fundamental importance,look at the issue of multilateral governance with global meaning,and make judgments and decisions that require vision,wisdom,and courage.We should not allow tactical and small instrumental issues to become major obstacles.Meanwhile,we have to do our technical homework professionallyand cleanly,and the review should be based on a legal,consistent,and comprehensive methodology.Communication and mutual understanding are needed to avoid making the technical issues or professional requirements unduly politicized by counterparties or the media.



Thirdly,China has recently made important progress in economic reform and opening up,including liberalizing the interest rate,further reducing intervention in the FX market,and opening up its financial market,moving toward capital account convertibility.This will generate a far-reaching impact to the international financial market and the world economy.



In general,I would like to call on the parties involved to take this SDR review more as an opportunity rather than as a challenge.I am cautiously optimistic,partly because that the U.S.A,being the host country for the IMF,has a continuous record of being adaptive and inclusive—from President Lincoln’s liberation of slaves,to Martin Luther King’s famous‘I have a dream’speech,and to the election of President Obama.This spirit of relentless upholding of righteousness and fairness,accompanied with great vision,is shared and respected by people in my own country—the country that is communicating with the world through its currency.


(本文摘自“金中夏博士经济金融研究”公众平台)


  • 北京大学经济学院

  • 北大经院人

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