2011年-IMF国际货币组织全球_Criteria_for_Broadening_the_SDR_Currency_Basket_45页_854kb

Summary of the IMF Document: Criteria for Broadening the SDR Currency Basket

Core Content

This document outlines the IMF's considerations and analysis regarding the potential reform of the Special Drawing Rights (SDR) currency basket. It was prepared in response to a request by the Executive Board and the G-20 Ministers to develop a criteria-based path for broadening the basket's composition. The paper evaluates existing and proposed criteria for including currencies in the SDR basket, with a focus on the concept of "freely usable currency" (FU) and an alternative criterion tailored to the reserve asset characteristics of the SDR.

Main Views and Key Information

I. Introduction

• The IMFC and G-20 Ministers have called for further work on criteria for broadening the SDR basket.
• The SDR basket, established in 1974, includes four currencies: those of the largest exporters and determined to be freely usable.
• The freely usable criterion was formally introduced in 2000, following the introduction of the euro.
• The paper aims to explore reform options for the eligibility criteria and the indicators used to assess them.

II. Background

A. SDR Valuation Principles and Current Criteria

• The SDR valuation is guided by principles that aim to make it an attractive reserve asset.

• These principles include:

  • Stability of the SDR's value relative to major currencies.
  • Representativeness of the basket currencies in international transactions.
  • Stability of the basket composition, changing only due to significant developments.
  • Continuity in valuation methods, revised only with major changes in currency roles.

• The current criteria for the SDR basket are:

  • Exports: A gateway criterion based on the size of a country's exports.
  • Freely Usable Currency: Currencies must be widely used and widely traded.
  • Number: The basket consists of four currencies.

B. SDR and the International Monetary System

• The SDR basket composition is an important parameter for the evolution of the international monetary system (IMS).
• There is growing interest in expanding the basket to include more currencies, especially from emerging markets.
• Emerging market currencies have increased in economic weight but lag in international use due to inertia and network externalities.
• A criteria-based approach could incentivize policy reforms and promote the international use of these currencies.

III. Freely Usable Currency

• The concept of a freely usable currency is defined in the IMF's Articles and is central to its operations.

• It requires that a currency is widely used in international transactions and widely traded in major exchange markets.

• The 2000 decision formalized the requirement for a currency to be freely usable for inclusion in the SDR basket.

• The 1977 indicators included:

  • Share of exports in goods and services.
  • Currency denomination of official reserves.
  • Volume of transactions, existence of forward markets, and bid-ask spreads.

• Current indicators for wide use include:

  • Currency composition of official reserve holdings.
  • Denomination of international banking liabilities.
  • Denomination of international debt securities.

• Current indicators for wide trading include:

  • Foreign exchange spot market turnover.
  • Depth of foreign exchange markets (bid-ask spreads and market quotations).

IV. Alternative Criterion: Reserve Asset Characteristics

• The paper proposes an alternative criterion for the SDR basket that focuses on reserve asset characteristics.

• This new criterion would be based on:

  • Liquidity in foreign exchange markets.
  • Hedgeability of the currency.
  • Availability of appropriate interest rate instruments.

• Proposed indicators for this criterion include:

  • Currency composition of official reserves.
  • Spot and derivatives market turnover.
  • Existence of appropriate market-based interest rate instruments.

V. Comparison of Indicators and Scenario Analysis

• The paper compares the indicators under the current FU criterion and the proposed new criterion.
• Scenario analysis suggests that the new criterion could allow for a broader basket in a shorter time frame, while still preserving the reserve asset role of the SDR.
• It acknowledges that some currencies may take longer to meet the FU criterion due to inertia and network externalities.

VI. Exports Criterion

• The exports criterion is a size-based condition for SDR basket inclusion.
• While it is a reliable indicator of economic weight, it may not fully reflect the use of a currency in international transactions.
• The paper concludes that it may be appropriate to maintain the exports criterion at this stage due to data limitations.

VII. Number of Currencies

• The SDR basket currently includes four currencies.
• The paper argues that pre-judging the number of currencies is not appropriate, as it should be assessed on a case-by-case basis.
• The number of currencies in the basket should reflect the evolving role of currencies in the international monetary system.

VIII. Concluding Remarks

• A criteria-based path for broadening the SDR basket is desirable to support the smooth evolution of the IMS.
• The paper recommends maintaining the exports criterion while exploring the FU and alternative criteria.
• It emphasizes the importance of policy reforms to enhance the international use of emerging market currencies.
• The issue of whether to add or replace currencies in the basket should be assessed individually.

Key Tables and Figures

• Table 1: Currency composition of international debt securities, 2001–2011 (Top 25 Currencies).

• Table 2: Global foreign exchange market turnover—currency composition.

• Table 3: Global foreign exchange derivatives market turnover—currency composition, 2010.

• Table 4: Comparison of possible indicators for the FU and reserve asset criteria.

• Table 5: Exports and financial inflows: Top-20 Exporters.

• Figure 1: Composition of foreign exchange reserves: 2001 and 2011.

• Figure 2: International banking liabilities—currency composition (2000–2011).

Key Boxes

• Box 1: Principles guiding SDR valuation decisions.
• Box 2: Assessing freely usable currencies.
• Box 3: Currency composition of official foreign exchange reserves (COFER).

Appendixes

• Appendix I: Scenario analysis of SDR basket composition.
• Appendix II: Data issues related to SDR valuation.
• Appendix Tables:
  • Countries holding more than 5% of their foreign exchange reserves in each currency.
  • Average daily foreign exchange spreads between spot bid and ask quotations against the US Dollar.
  • OTC derivatives: currency composition, 2001–2010.

Conclusion

• The paper suggests that a criteria-based approach to broadening the SDR basket could support the evolution of the international monetary system.
• It recommends maintaining the exports criterion due to data limitations and not pre-judging the number of currencies in the basket.
• The alternative reserve asset criterion offers a more comprehensive and flexible approach to assessing currency eligibility.
• The IMF is working on improving data collection through a two-pronged action plan to address the shortcomings of the current COFER system.