SDR Currency Basket Assessment Criteria Evolution And China's Legal Coping

On November 30,2015,the International Monetary Fund passed a formal resolution of the RMB joining the special drawing rights currency basket On October 1,2016.RMB joining the SDR currency basket,is a milestone in the internationalization of RMB,recognition of the IMF and the international community on the process of RMB's internationalization and the endorsement of the RMB's credit.Based on the background,development course,essential characteristics and practical difficulties of the SDR system,this paper systematically analyzes and expounds the three SDR evaluation criteria(export criteria,free usable currency criteria,reserve asset criteria)and its development trend,And China's hard work of RMB joining the basket,the successful completion of the RMB in 2015 reflects the adaptation of the "free usable currency" assessment criteria.After the RMB joining basket,SDR assessment criteria will continue to move forward and bring new challenges to China.Including the "can not withdraw the obligation" after the joining basket,the independence of monetary policy is affected,the exchange rate volatility increases,and gradually increase the degree of capital items can be freely convertible.China will firmly under the premise of firmly controlling the exchange rate sovereign rights,implement the "cannot retrace obligations" reasonably,promote the financial market-oriented reform under the " One Belt And One Road " strategy,improve the exchange rate and interest rate formation mechanism,improve the financial system risk prevention mechanism,improve China's foreign exchange management law system and other ways to cope with aforementioned challenges,to boost the process of internationalization of RMB.