Recently, the RMB ushered in good news. The Executive Board of the International Monetary Fund conducted a five-year review of the fixed value of Special Drawing Rights (SDR), and decided to raise the weight of RMB from 1.92% to 12.28%, an increase of 1.36 percentage points.

This review can be said to be the first "physical examination" since RMB became the SDR basket currency in 216. The Executive Board decided to keep the current SDR basket currency structure unchanged, which is composed of USD, EUR, RMB, JPY and GBP, and raise the RMB weight from 1.92% to 12.28%, and the USD weight from 41.73% to 43.38%. At the same time, the weights of the euro, the yen and the pound were lowered from 3.93%, 8.33% and 8.9% to 29.31%, 7.59% and 7.44% respectively, so that the weight of the RMB will remain the third. The new SDR currency basket will come into effect on August 1 this year, and the next SDR valuation review will be carried out in 227. I believe that the RMB should have better results by then.

speaking of SDR, that is, Special Drawing Rights, it is a reserve asset and accounting unit created by the International Monetary Fund (IMF). If it is not a professional, it is really incomprehensible, but we can understand it as "paper gold", so that we can know its general function. Since it has gold value, it cannot be ignored in the world.

I think this increase in the weight of RMB shows that the international economic expectations of our country are increasing, and the efforts of RMB internationalization have achieved initial results. Specifically, the following signals should be released:

1. If the weight of RMB increases, the weight of other currencies will decrease. As mentioned just now, the weight of RMB has been raised from 1.92% to 12.28%, while the weight of Japanese yen, British pound and euro has decreased, from 8.33%, 8.9% and 3.93% to 7.59%, 7.44% and 29.31% respectively, which shows that RMB will not be too worrying under the background of the great appreciation of the US dollar.

2. The US dollar is a special existence, and its weight has been raised from 41.73% to 43.38%. Perhaps many people will say that the reputation of the US dollar is not good now, and it has almost become a serious untrustworthy person. The whole world is launching a dollarization action. Why has the weight increased? Obviously, in the international financial system, the old international financial market structure still dominates the development of today's world. There is also a key point. The IMF where SDR is located represents the interests of the old America. It can be said that it is purely a tool of the old America, and the rules of the game will of course be biased towards the old America.

3. The increase in the weight of RMB means that although the United States and America have blocked it in every way, everyone in the world still agrees with our country's economic strength and international status. China is the world's largest country in import and export trade, and plays an important role in global processing and manufacturing. Of course, the use of RMB will increase. Even if the United States doesn't like us, it must recognize China's position in the global economic system. Enhancing the weight of the RMB is also in line with our image as a big country.

from the perspective of our own country alone, this weight increase also has many positive effects.

1. The internationalization of RMB has been accelerated, and the world can't live without us. The internationalization of RMB is an inevitable trend. Internally, international capital is more willing to invest in our domestic market, which is conducive to the introduction of foreign capital; Externally, there will be more and more settlement in RMB, which will help to restrict the status of the US dollar.

2. There will be more and more economies or regions using RMB, which will make ordinary people's daily transactions more convenient. The most obvious thing is that they can go all over the world without changing dollars and euros when going abroad, which can also reduce transaction costs.

3. The RMB is expected to become a new safe haven, and its weight will be enhanced, which is essentially the enhancement of China's national strength and influence.

how can I put it? the upward adjustment of RMB weight is a gratifying thing! However, we must also realize that this is a contest of national soft power, and China still belongs to a developing country. Everything must be done step by step and accumulated.