人民币入篮与我国法制变革

发布时间：2018-03-12 10:58

本文选题：人民币　切入点：SDR　出处：《政法论坛》2017年06期 　论文类型：期刊论文

【摘要】：SDR虽为IMF创立的官方储备资产,但只有在兑换成SDR篮子货币或其它可自由使用货币后,才能发挥国际储备的作用,因此,SDR实质上构成IMF一成员国向其他成员国获取可自由使用货币融资的法定或意定请求权。SDR的这些特性与人民币入篮所追求的人民币国际化的动因,对我国的资本项目管理制度、汇率制度、金融市场制度提出了变革要求。由于SDR的特性使然,加之人民币入篮后所要满足的要求高于入篮标准,我国需要充分地开放资本项目,在立法上除保留确有必要维持管制的有限项目之外,其他资本项目应充分开放。在汇率制度上,人民币"一币双价"与《IMF协定》规定的等值原则相冲突,我国应实行自由浮动汇率制,以消除这一冲突和实现汇率并价。此外,IMF对SDR篮子货币利率计值的金融工具的要求,需要我国改革国债利率定价制度,使之合理地反映市场信贷状况,并采取措施深化我国国债市场的深度。
[Abstract]:Although the SDR is an official reserve asset created by IMF, it can only function as an international reserve after it has been converted into a SDR basket or other freely usable currency. Therefore, in essence, SDRs constitute the characteristics of a member of the IMF to obtain legal or contingent claims for the free use of currency financing from other member countries, and the motivation for the internationalization of the renminbi pursued by the renminbi in the basket. The capital account management system, the exchange rate system and the financial market system in China are required to change. Due to the characteristics of SDR and the fact that the requirement of RMB entering basket is higher than that of basket entry standard, China needs to fully open capital account. In terms of legislation, other capital accounts should be fully open except for the limited items that really need to be kept under control. In the exchange rate system, the "one dollar double price" of the renminbi conflicts with the principle of equivalence stipulated in the IMF Agreement. China should implement the free floating exchange rate system in order to eliminate this conflict and realize the exchange rate price. In addition, it is necessary for the SDR to reform the interest rate pricing system of national debt. Make it reflect the market credit condition reasonably, and take measures to deepen the depth of our national debt market.
【作者单位】：中南财经政法大学法学院;中南财经政法大学金融法与国际金融法研究所;
【基金】：2013年国家社会科学基金重大项目“人民币国际化的法律问题研究(13&ZD180)”的阶段性研究成果
【分类号】：D996.2;F832.6

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