Impact of the RMB Joining in the SDR Basket on Its Internationalization from the Perspective of Risk

• 作 者: ZHANG Bingjie WANG Shouyang WEI Yunjie ZHAO Xueting
• 机 构: School of Economics and Management,Beihang University,Beijing 100191,China;Academy of Mathematics an
• 出 处: 系统科学与复杂性学报（英文版）
• 发表日期: 2021年1期
• 关键词: Dynamic network risk spillover RMB internationalization SDR basket structural VA

For evaluating the influence of the Chinese renminbi(RMB)joining in the special drawing right(SDR)basket on RMB's internationalization,the authors systemically study the risk spillover networks and examine the dynamic relationship of exchange rates among the SDR currencies including the US dollar(USD),European Union euro(EUR),Japanese yen(JPY)and British pound(GBP).The empirical results demonstrate that the USD takes a dominant position and holds the biggest risk spillover to other currencies,and the RMB's inclusion to the SDR basket makes the risk spillover to get average,giving rise to the SDR currency system more stable to a certain degree.The inclusion of the RMB in the SDR not only can reduce the systematic risk of the SDR,but also has a certain impact on the international exchange rate markets.Nowadays,in front of the growing trade friction,more such researches could help to effectively deal with the currency disputes.