On November 30 last year, the International Monetary Fund decided to include the RMB into the Special Drawing Rights (SDR) currency basket. The RMB’s weight was 10.92%, second only to the U.S. dollar and the euro. First of all, for The important decision of the RMB to join the SDR is an important achievement of China's economic policy. It means that the RMB has been unanimously recognized by the international community and represents an important beginning for the Chinese economy to join the international financial system. However, this does not mean that the RMB can be used as an international currency. As a foreign exchange reserve currency, China's economy will continue to deepen reform and more efforts will be needed. The addition of RMB to SDR will have the following effects on the exchange rate.

1. The addition of RMB to SDR will not have a major impact on the exchange rate. The impact of RMB joining SDR is an important beginning for the internationalization of RMB. However, more efforts are needed to truly achieve this. The central bank will still maintain the stability of RMB exchange rate through market intervention policies and other measures. , and the addition of the RMB to the SDR will not have a significant impact on changes in the exchange rate. In addition, my country's interest rates are much higher than those in the United States. In the short term, the U.S. interest rate hike policy will not have an impact on the RMB exchange rate.

2. The addition of RMB to the SDR has intensified the fluctuation of the RMB exchange rate

The addition of the RMB to the SDR is a major step forward in the internationalization of the RMB. However, it is also because the RMB has begun to enter the international financial market, making the RMB more vulnerable to the impact of the international financial crisis. In addition, after the RMB joins the SDR, China will open more capital projects, and the central bank will consume more foreign exchange reserves to maintain exchange rate stability. This hinders the operation of the country's monetary policy, so the RMB exchange rate fluctuates in a short period of time. will intensify.

Finally, the measure of joining the RMB into the SDR is the need to promote the internationalization of the RMB and the need for China’s economic structural adjustment. In the future, China will also be committed to promoting the process of RMB internationalization