Research On The Effect Of CNY's Joining SDR On Chinese Macro Economy

At 1:00 am on December 1,2015,the IMF(International Monetary Fund)officially announced that the CNY will join SDR(Special Drawing Right)on October 1,2016.China is an emerging market country,its currency's joining SDR highlights the international community's recognition of China's achievements in economic development,reforms in monetary and financial system,and marking the advancement of the CNY internationalization process.To study the effect of CNY on SDR on China's macro economy is necessary,which will help us to realize the advantage of CNY's joining SDR in promoting China economic development under the background of "three superposition".In this paper,I use the method of literature survey,case study,comparative study to analyze the effect of Japanese Yen's and Deutsche Mark's joining SDR,then the effect of CNY's joining SDR.Detailed comparison will be made in the two levels of domestic environment and the international environment.This paper argues that CNY's joining SDR will reduce the risks and costs of foreign trade in China,optimize the structure of foreign trade,attract foreign investment and consumption,and help Chinese enterprises to "go out" to elevate China's economic growth and promote the completion of capital projects,Interest rate marketization and other aspects of financial reform in China.