1 .2065438+65438+ 10 in 20061,the value of SDR is determined by the current exchange rate of a basket of five currencies, namely, USD, EUR, RMB, JPY and GBP, with weights of 4 1.73% and 30.93 respectively. The new SDR currency basket includes five currencies: USD, EUR, RMB, JPY and GBP, with the weights of 465,438+0.73%, 30.93%, 65,438+00.92%, 8.33% and 8.09% respectively, and the corresponding currencies are 0.58800.00000000805
2. The inclusion of RMB in SDR is a milestone of RMB internationalization, an affirmation of China's achievements in economic development and financial reform and opening up, which is conducive to enhancing the representativeness, stability and attractiveness of SDR and promoting the reform of the international monetary system. China will take the entry of RMB into the basket as an opportunity to further deepen financial reform, expand financial opening, and make positive contributions to promoting global economic growth, maintaining global financial stability and improving global economic governance.
Background of the establishment of the International Monetary Fund:
After World War II, the Bretton Woods system was formed in 1944. The value of the dollar is linked to gold, and the exchange rates of other major countries are linked to the dollar. The first dollar crisis in the early 1960s exposed the major defects of the Bretton Woods monetary system centered on the dollar, and the international monetary system based on one country's currency could not maintain long-term stability. Under this system, only gold and dollars are reserve assets. The supply of gold is very small, and the United States can only provide more dollars to the world as the international base currency through the persistent balance of payments deficit. At that time, many countries were still in the post-war recovery period, and the labor cost was lower than that of the United States. Pegging the dollar can stimulate exports, so most countries are reluctant to adjust their exchange rates.