Research On The Legal Issues Of SDR As International Reserve Currency

After the global financial crisis was completely triggered by the U.S.subprime mortgage crisis,although a long time has passed,the problems exposed during the period have not been effectively solved.The problem of restricting the sound development of the International Reserve monetary system has not been eradicated in essence,and the solution to the problem is only on the surface of containing the further deterioration of the operation of the international reserve system.Therefore,the essence of solving these problems is to establish a new operation system of international reserve currency.In order to solve this problem,we must first eliminate the three basic problems: the dilemma of the sovereign currency as the international reserve currency,the unrealized function of the standard currency,and the abnormal operation of the reserve currency mode.There are three ways to solve the current dilemma of international reserve currency: one is to establish a super sovereign reserve currency system;the other is to establish a diversified international reserve currency system;the third is to use SDR as the international reserve currency.The author believes that SDR is the most suitable international reserve currency because of its super sovereignty and the diversity of the basket currency,especially after RMB joined the SDR basket currency in 2016,which makes the international reserve currency system more stable and representative Choice.A sound legal mechanism is an indispensable cornerstone for the scheme: a perfect organizational mechanism,a complete distribution system,and an innovative regulatory system.In this way,the program can continuously expand its own influence,and then promote its realization as the purpose of fully playing the guarantee of the fairness and stability of the international reserve currency.