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Enhanced special drawing rights＂ How China Could Contribute to a Reformed International Monetary Architecture

China & World Economy 2018年第4期26卷 41-61页

作者： Matthew Harrison Geng Xiao Hong Kong Institute of International Finance China Peking University HSBC Business School China

Since the end of the Bretton Woods era, the world has operatea on a ae jacto system of free-floating exchange rates, with the US dollar as the dominant international currency. The system, characterized by large pro-cyclical capital flows and chronic imbalances, is inherently unstable, and has contributed to repeated crises, recessions and geopolitical tensions. One potentially ＂least-difficult＂ line of reform would be to allow the evolution of a multi-currency system, underpinned by an expanded role for special drawing rights （SDRs）. Attempts to promote wider use of the SDR have foundered on the liquidity premium. However, for Chinese corporations and institutions, at present restricted in their capital account activities, the SDR liquidity premium would appear less daunting, The Chinese authorities eould provide policy encouragement for the use of SDRs by their institutions. This initiative, supported by China＇s special Administrative Region Hong Kong, would kick-start an international SDR ecosystem, and encourage even broader use of SDRs, to the benefit of international monetary stability.

关键词： imbalances international monetary architecture monetary stability reform special drawing rights

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Chinese Renminbi Arrival in the ＂Tripolar＂ Global Monetary Regime

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China & World Economy 2015年第6期23卷 44-55页

作者： John Ryan Research Fellow the Von Hugel Institute St. Edmund's College Cambridge UK.

Since the financial crisis hit in 2007, the US dollar privilege has not only become ＂exorbitant＂ but ＂extortianate. ＂ Countries such as China are no longer willing to allow the USA to exercise this extortionate behavior. The potential geopolitical implications of a US dollar decline are immense. The USA would lose its privileged seigniorage position and with that the ability to achieve permanently higher returns on foreign assets than the returns paid to foreigners who invest in the USA. The global economy is already close to operating with three regional exchange rate anchors： the US dollar; the euro; and, increasingly, the renminbi. Hence, the transition to a tripolar system could occur sooner than many assert. Nevertheless, given the importance of financial deepening and integration in the internationalization of currencies, any shift will still be gradual.

关键词： dollar euro,'intemationalization of renminbi special drawing rights tripolar currency regime

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