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IMF加大人民幣SDR籃子佔比 將加快國際化 望短期內躍升全球第三大儲備貨幣

巴士的報

中國人民銀行官網今日公布消息，指國際貨幣基金組織（IMF）執董會於2022年5月11日，完成了五年一次的特別提款權（Special Drawing Right，簡稱SDR）定值審查。這是2016年人民幣成為SDR籃子貨幣以來的首次審查。

IMF執董會一致決定，維持現有SDR籃子貨幣構成不變，即仍由美元、歐元、人民幣、日元和英鎊構成，並將人民幣權重由10.92%上調至12.28%（升幅1.36個百分點），將美元權重由41.73%上調至43.38%，同時將歐元、日元和英鎊權重分別由30.93%、8.33%和8.09%下調至29.31%、7.59%和7.44%，人民幣權重仍保持第三位。執董會決定，新的SDR貨幣籃子在今年8月1日正式生效，並於2027年開展下一次SDR定值審查。

人行指，中國改革開放的信心和意志不會動搖，將始終堅持擴大高水平對外開放。下一階段，人民銀行將和各金融管理部門一道，繼續堅定不移地推動中國金融市場改革開放，進一步簡化境外投資者進入中國市場投資的程序，豐富可投資的資產種類，完善數據披露，持續改善營商環境，延長銀行間外匯市場的交易時間，不斷提升投資中國市場的便利性，為境外投資者和國際機構投資中國市場創造更有利的環境。

所謂特別提款權（SDR）有「紙黃金」之稱，是國際貨幣基金組織1969年創造的一種用於補充成員國官方儲備的國際儲備資產，依據各國在IMF中的份額進行分配，可供成員國平衡國際收支。當成員國發生國際收支逆差時，可用SDR向IMF指定的其他成員國換取外滙，以償付國際收支逆差或償還IMF貸款。

光大銀行金融市場部宏觀研究員周茂華認為，SDR權重上升，意味著人民幣在國際貿易、外匯儲備、國際外匯交易、投融資中的使用更加廣泛，更加受歡迎，國際化進程也會逐步加快。他認為，中國正積極推動高水平對外開放，完善人民幣跨境結算、投融資等基礎設施建設，便利全球投資者參與國內金融市場，因此，人民幣未來在SDR權重仍有很大的上升空間。

另外，據IMF上月公布的2021年第四季「官方外匯儲備貨幣構成（COFER）」數據，人民幣佔比由第三季2.66%上升至2.79％，續居全球第五大儲備貨幣，同時是國際貨幣基金組織自2016年開始公佈人民幣儲備資產以來的最高水平。目前排在人民幣之前的，有美元（58.81%）、歐元（20.64%）、日圓（5.57%）、英鎊（4.78%），雖然人民幣正走向國際化，但礙於距離美元和歐元的幅度較大，相信短期內較有機會超越日圓和英鎊，成為全球第三大儲備貨幣。

毛拍手

2027 IMF SDR System Headquartered in China

www.zerohedge.com

by jhanders

Openly the now head of the world's second-largest central bank, once publically expressed the goal to have the IMF's SDR system coordinating the global financial rules of the game all while moving its current headquarters from the USA to Bejing, China by 2027.

The IMF Special Drawing Right (SDR) appears now a probable direction for the next major global structural and monetary changes to come.

Current trends within the USA granting the IMF SDR more leverage, and too the sheer amount of growth in trade to come in Asia 2020s and beyond make a more multi-polar financial future a higher likelihood than the fiat $USD dominated version we are sputtering along with now.

Below is this week's SD Bullion Market Update including somewhat recent clips of IMF SDR-related goals by the European central bank head Christine Lagarde.

IMF SDR China Headquarters 2027

Late last week as the world remained seemingly mesmerized by a supertanker stuck sideways in the Suez Canal, the Chinese were reportedly finalizing another long-term trade deal with another nation-state also under current US sanctions.

This graphic in the video above is from May 2018, and it illustrates new railroad construction planned and possibly already underway connecting Tehran, Iran through Turkey into Eastern Europe by new railroad construction.

Obviously, China has a lot of overland trade route ambitions through the old Silk Road regions.

Meanwhile, the fiat $USD Federal Reserve note dominance amongst global reserves has shrunk to a new 25 year low.

National central banks are increasingly looking to gold bullion and other major fiat currencies to help hedge their long-term savings.

Much has changed in the last roughly two decades of time in terms of trade dominance and growth. 

With technology rapidly advancing the structural and monetary changes to come intranationally (fiat CBDCs) and supranationally (IMF SDR & m-SDR bond markets). We should remain vigilant knowing historically how big inflation often follows a once hegemonic powers reserve currency dominance. 

The current US President Joe Biden made headlines this week over his administration’s upcoming infrastructure stimulus package and plan. Already there is talk of a new fourth stimulus for US citizens perhaps being added to the plan, one which could include reoccurring aid payments ongoing. Not much other detail was provided.

But the ambitions of many of the democratic politicians are also brazenly out in the open calling for much more massive further deficit spending to come. Calling for numbers to be spent that sound insane.

You might recall on this channel over the last weeks and months we have been covering how the IMF Special Drawing Rights or SDR system is now beginning to rev up as a potential takeover solution from the current fiat US dollar-dominated system. The US Treasury appears to be outright endorsing this too.

Christine Lagarde was the former head of the IMF and in 2017 she openly spoke about her vision and dream that the IMF would be the then dominant world central bank, but also that it would be headquartered out of Being, China by perhaps as early as the year 2027.

Nevermind the Chinese regime's ongoing violations against human rights, free speech, nor its ongoing consistent disrespect for private property rights.

It appears the heads of our financial game rule-making bodies are hell-bent on bowing to China all our future collective financial and monetary sovereignties.

Globally and collectively, governments via new fiat CBDCs & IMF SDRs systems will attempt to further divorce their state-sponsored stores of value from scare resource reality.

Own prudent silver gold bullion positions to preserve wealth as they INFLATE away promises we collectively cannot keep in real value terms.

Have a great and peaceful holiday weekend out there. As always, take super care of yourselves and those that you love.

Trump And A New Gold-Backed Dollar

www.zerohedge.com

Submitted by Nick Giambruno via InternationalMan.com,

On August 15, 1971, President Nixon killed the last remnants of the gold standard.

Since then, the dollar has been a pure fiat currency, allowing the Fed to print as many dollars as it pleases.

Removing the US dollar’s last link to gold eliminated the main motivation for foreign countries to store large dollar reserves and to use the dollar for international trade.

At this point, demand for dollars was set to fall… along with the dollar’s purchasing power. So the US government concocted a new arrangement to give foreign countries another compelling reason to hold and use the dollar.

The new arrangement, called the petrodollar system, preserved the dollar’s special status as the world’s reserve currency.

In short, the US government made a series of agreements with Saudi Arabia between 1972 and 1974, which created the petrodollar.

The Saudis would use their dominant position in OPEC to ensure that all oil transactions would only happen in US dollars. And the US would guarantee the House of Saud’s survival.

It worked… for a while.

The petrodollar filled the void after the US severed the dollar’s last link to gold as the main prop to the dollar’s status as the world’ premier reserve currency.
So far, the petrodollar has lasted over 40 years. However, the glue is losing its stick.

I think we’re on the cusp of another paradigm shift in the international financial system, a change at least as fundamental as what happened in 1971 when Nixon severed the dollar’s last link to gold.

The relationship between Saudi Arabia and the US hit historic lows in 2016. I only expect it to get worse. Trump is the first president since the petrodollar system was enacted to be openly hostile toward the Saudis.

The death of the petrodollar system is my No. 1 black swan event for 2017.

It raises the question: What will fill the void when the petrodollar inevitably dies?

When that happens—and it may be imminent—something has to replace it. 

I think there are only two options.

Naturally, the global elite want to centralize more power into global institutions.

In this case, that means the International Monetary Fund (IMF).

The IMF issues a type of international currency called the “Special Drawing Right,” or SDR.

The SDR is nothing new. The globalists have been slowly building it up since 1969. In the near future, it could be used as the premier international currency—the role the dollar has played since the end of World War 2.

The SDR is simply a basket of other fiat currencies. The US dollar makes up 42%, the euro 31%, the Chinese renminbi 11%, the Japanese yen 8%, and the British pound 8%.

It’s a fiat currency based on other fiat currencies… a floating abstraction based on other floating abstractions.

The SDR is not based on sound economics or the interests of the common man.

It’s just another cockamamie invention of the economic witch doctors in academia and government.

The SDR is dangerous. It gives the government—in this case, a global government—more power. It’s a bridge to a powerful global monetary authority, and eventually a global currency.

Most decent people would consider this a bad thing. That’s why the global elite cloud their scheme with dull and opaque names like “Special Drawing Right.”

It’s an old trick. Governments have used it for eons.

The Federal Reserve is an excellent example. After two failed central banking experiments in the 1800s, anything associated with a central bank became deeply unpopular with the American public. So, central bank advocates tried a fresh branding strategy.

Rather than call their new central bank the Third Bank of the United States (the previous two were the First and Second Banks of the United States), they gave it a vague and boring name. They called it “the Federal Reserve” and managed to hide it in plain sight from the average person.

Nearly 100 years later, most Americans don’t have the slightest clue what the Federal Reserve is, what it does, or how it has eroded their standard of living.

I think the same dynamic is at work with the IMF’s “Special Drawing Right.”

The breakdown of the petrodollar is the perfect excuse for the globalists to usher in their SDR solution.

So that’s the first option. It’s the global elites’ preferred outcome. It would be a very bad thing for personal and economic freedom. It means more fiat currency, more centralization, and less freedom for the individual.

The second option is to simply return to gold as the premier international money. Here’s how it could happen…

Trump might play along with the globalists’ schemes, but I doubt it. He’s the first president who’s openly and sincerely hostile toward globalism. He’s denounced it repeatedly.

Trump recently said, “We will no longer surrender this country, or its people, to the false song of globalism.”

In my view, there’s only one way Trump could fight the global elites and their SDR plan: return the dollar to some sort of gold backing.

Trump has said favorable things about gold in the past. So have some of his advisers.

It wouldn’t be easy. He’d face one hell of a struggle with the globalists. And winning would be far from certain.

No matter what, the death of the petrodollar, just like the end of the dollar’s link to gold, will be very good for the dollar price of gold and gold mining stocks.

When Nixon took the dollar off gold in 1971, gold skyrocketed over 2,300%. It shot from $35 per ounce to a high of $850 in 1980. Gold mining stocks did even better.

Gold is still bouncing around its lows. Gold mining stocks are still very cheap. I expect returns to be at least as great as they were during that paradigm shift in the international monetary system.

All this is why what happens after Trump’s inauguration could change everything… in sudden, unexpected ways.

人民幣入籃：IMF成員國怎樣使用SDR？

money18.on.cc

根據國際貨幣基金組織(IMF)的定義，SDR(特別提款權)並非貨幣，而是IMF成員國對可自由使用貨幣的潛在求償權。

換言之，IMF成員國可以用持有的SDR，換取SDR籃子貨幣，即美元、歐元、人民幣、日圓及英鎊，以補充該國的儲備資產。

運作上，可透過成員國之間的自願交換安排，或由IMF指定對外狀況較強的成員國，以可自由使用的貨幣，從有需要的成員國中購入SDR，變相為其提供貨幣流動性。

IMF會據SDR利率，向借款成員國收取的利息，並為提供資金的成員國支付的利息。SDR利率按籃子貨幣，在貨幣市場短期債務工具的代表性利率釐定。

準備入籃︰兌3 SDR籃子貨幣參考匯率首發

money18.on.cc

中國正為人民幣正式為入民幣入籃做最後準備。中國外匯交易中心首次發布人民幣兌歐元、英鎊、日圓的參考匯率。分析人士認為，這將為發行以人民幣結算的SDR債券掃清障礙及為納入特別提款權(SDR)貨幣籃子做最後準備！

中國外匯交易中心稱，自2016年8月25日起，每個交易日公布11:00和15:00兩個時點人民幣對歐元、日圓和英鎊參考匯率。

今早11點公布的首批參考匯率分別為：1歐元報7.5031元人民幣，100日圓報6.6275元人民幣，1英鎊報8.8038元人民幣，同一時點的美元兌人民幣參考價為6.6565元。

人民幣將於今年10月起正式加入國際貨幣基金組織(IMF)的SDR貨幣籃子。

分析指，美元之外，歐元、英鎊、日圓都是SDR籃子貨幣，市場可以使用人民幣兌其他4種SDR籃子貨幣的參考匯率，來計算出人民幣和SDR之間的匯率。此舉是為人民幣加入SDR提供技術準備，也是為發行SDR債券提供技術支持。

在10月啟動的新SDR貨幣籃子中，5種貨幣的權重分別為：美元41.73%，歐元30.93%，人民幣10.92%，日圓8.33%，英鎊8.09%。

外媒按照新貨幣籃子組成，及今天11點的4種參考匯率計算，得出的人民幣兌SDR匯率為1元人民幣報0.1545 SDR，或1 SDR報6.4720元人民幣。

世界銀行已獲准在中國銀行間債市發行SDR計價債券，總規模20億特別提款權；首期近期將發行。早前外電消息指世銀計劃於8月31日發行SDR債券，這是全球30年來首次發行此類債券。

This Historic Event Is About To Shock The World

在低息環境下, 個個都可以用紙資產賺大錢, 但到去到借貸頂峰, 就會逆轉, 到時實物是皇道 ! 

You are warned !

kingworldnews.com

With many investors worried about the economic turmoil that has engulfed the globe, this historic event is about to shock the world.

Stephen Leeb:  “The world’s monetary system is busted. Unless it is fixed pronto, prospects for worldwide growth are nil, while prospects for worldwide chaos are high. And never forget: in chaos, gold rules supreme…

One possible form chaos could take would be galloping commodity prices. An alternative form would be a vicious deflationary cycle in which prices and growth crash and burn. Either way, gold would be the one real shelter. When commodities are soaring, paper money becomes second-class; no one will turn over something with intrinsic value, namely commodities, for mere pieces of paper. As for deflation, over the past 500 years or more whenever deflation emerged, gold gained and sometimes gained big in terms of purchasing power.

Signs Of Economic Chaos Are Everywhere
 
Signs of economic chaos abound. Just this morning, a Bloomberg headline noted that Bank of America says, simultaneously, that 10-year bond yields, now 1.5 percent, are going lower – and that you should buy bonds. And who can quarrel with this given that bond yields for the euro, the yen, and soon the British pound, are negative.

Ponder for a moment what low and negative yields mean. They tell us no one has confidence in investing in real things. Investors would rather lose money over a 10-year horizon than invest in building dams, repairing pipes, creating better grids. Trading in nearly worthless paper has replaced belief in the future.

We’ve been talking mostly about the West, but China and the East fear the infectious nature of Western chaos. Party tussles are old hat to China and even a U.S. aircraft carrier in the South China Sea wouldn’t wreck its plans. But a crumbling, chaotic West could. Although China’s massive hoard of gold offers some insurance, on its own it’s not a ticket to growth. Western markets are still essential.

That means a new monetary order must replace the existing one as soon as possible. It will be one that China is determined to dominate, not for the sake of hegemony but to ensure long-term growth. And it will involve gold – which will become not just an insurance policy but a ticket to growth.

Nixon, Gold & The Emergence Of The SDR
 
Since the early 1970s policymakers have raised the idea of substituting SDRs for dollars. SDRs, created by the IMF in the late 1960s, are a weighted combination of major currencies and are issued by the IMF. George Shultz, Nixon’s highly respected Secretary of the Treasury, offered such a plan in 1972 shortly after Nixon broke the link between the dollar and gold, the result of the U.S. having printed too many dollars and lacking the gold to back them all up.

In the more than four decades of floating currencies since then, there have periodically been calls for SDRs to replace dollars and – especially in the double-digit inflation of the late 1970s – calls to reinstate a gold standard that would have backed SDR’s. The IMF has occasionally issued SDRs, but even at the worst moment of the recent crisis, the amount issued hardly qualified as more than a token gesture. 

As they’re currently constituted, SDRs don’t come close to a potential game saver.  (For an excellent history of SDRs, I highly recommend a recent account by Willem Middelkoop, founder of the Commodity Discovery Fund.) As of now, SDRs are weighted among the dollar, euro, yen, and pound. The two ostensible advantages – that they’re issued by the IMF and that it’s a melded currency – amount to nothing. If you put four bad actors together, you don’t get Citizen Kane or the Godfather, you get a junky film. And even if it’s distributed by some high-minded non-profit studio as a public service to entertain the public, it won’t accomplish anything if no one wants to come out to watch a bunch of junk.

Lagarde Powers Yuan Into Upcoming SDR Basket
 
Christine Lagarde, now in her second term as the IMF’s managing director, has made it her mission to save the world. And she just might succeed. When it was clear that the four-currency SDR was essentially meaningless, Lagarde through persuasion and guile was able to get the U.S. and other countries to accept the Chinese yuan as the fifth SDR. This was no mean feat, since the yuan could have been objected to on several scores.

For one thing, China doesn’t report on the composition of its foreign reserves. Moreover, the yuan is subject to currency controls, it lacks a uniform value – its value within China is almost always a bit different from its value to non-nationals – and it is not a free-floating currency; rather, it is pegged in somewhat murky fashion to a basket of other currencies. If the yuan had taken a test for inclusion as an SDR, by any objective grading system it would have gotten an F.

Nonetheless, thanks to Lagarde’s sense of her mission, this October barring some catastrophe the yuan will become the fifth SDR currency, and with a weighting greater than that awarded the pound and yen, though less than the dollar and euro. The inclusion of China’s yuan will give the overall SDR basket greater heft – one reason being that it will have a ready market within China itself. China, unlike the West, does have a plan for growth, which includes a desire for Western currencies to buy real Western assets, such as gold mines, oilfields, and information technology firms. Thus the World Bank has announced IMF approval to issue $2.8 billion in SDR-backed bonds to the Chinese. In light of the World Bank’s charter, the proceeds will likely go towards developing Eastern economies.

The World Bank isn’t the only development bank around. China’s own development banks – including the under-the-radar China Development Bank and the Export-Import Bank – have assets amounting to more than $2 trillion in the East, far more than all Western development banks combined.

Gold To Shock The World By Becoming 6th SDR Currency
 
A relevant question is whether the Chinese could be enticed to denominate that $2 trillion in SDRs and pledge to carry out all future development in the East, a task that will amount to tens of trillions of dollars, in SDRs if the yuan has just a 10 percent weighting?

The answer is a qualified yes. For China to do so, there would have to be a sixth member of the SDR basket. You guessed it – it’s gold. Gold taking on a role in the SDR basket is essential if the world economy has any chance of righting itself.

Gold Bull Market To Dwarf Any Bull Market We’ve Ever Seen
 
Next time we’ll offer more details on the likely outcome of gold as the sixth component of the SDR and explain why the West won’t be able to block it as China gladly accepts the new SDR with gold as a component. For now, we’ll just summarize by saying it would provide the best chance to save the world – while ensuring that we will see a bull market in gold that will dwarf any bull market we’ve ever seen.”

The IMF’s Special Drawing Rights, the RMB and gold

www.zerohedge.com

The full article with additional charts and tables is published
on GoldMoney.com can be downloaded
here.

On April 1, 2016, China’s central bank Governor Zhou Xiaochuan announced that the Chinese government will take actions to promote the use of SDRs in its do-mestic economy. The announcement was made at the end of a meeting of the G20 in Paris, which is hosted by China this year. China will start to use both the USD and SDRs when reporting its foreign reserves. In addition, the country will also consider issuing bonds denominated in SDRs. This comes five month after the International Monetary Fund (IMF) decided to include the Chinese Renminbi as a fifth currency to the basket of Special Drawing Rights (SDR) along with the U.S. dollar, the Euro, the Japanese yen and the British pound. The change takes effect on October 1, 2016. This marks the first major change of the constituents of the basket since 1981 when the IMF dropped 11 out of 16 currencies in the orig-inal basket. However, when the SDR was introduced in 1969, it was not based on a basket of currencies but linked to gold, 0.888671 grams to be precise, which, at the time, equaled exactly 1 US dollar. The SDR basket based on the original weighting of 16 currencies declined around 87.7% in value vs gold until today. Similarly, the basket introduced in 1978 has lost 84.4%. The smaller 5 currency basket introduced in 1981 is down 55.5% and the current basket is down 77.0% since its intro-duction in 2001. 

Taking interest payments into account hardly changes the outcome. It is obvious today that for net holders of SDRs, breaking the link to gold had a negative impact on their reserve value. This is hardly surprising as any currency has under-performed gold over the past 10 years and any timeframe beyond that. Hence, it’s not that the currencies in the basket were Summary poorly chosen or poorly weighted, no combination would have managed to do better than gold, whether the RMB would have been part of the basket all along or not. While it is far too early to conclude that China is challenging the dollar's dominant reserve position, RMB inclusion in the SDR will nevertheless have a profound impact on percep-tions not only of China's growing economic power generally but monetary power specifically. But while the impact of the inclusion of the RMB should not be underestimated, it is unlikely that this will change the trend that gold outperforms any fiat currency.