Renminbi. Chinese currency.

Wie man die SZRs ruiniert

SANTA BARBARA – Die Kampagne der chinesischen Regierung, die Aufnahme ihrer Währung – des Renminbi – in die Reservewährung des Internationalen Währungsfonds zu erreichen, scheint an der Schwelle des Erfolges zu stehen. In der vergangenen Woche empfahlen IWF-Mitarbeiter offiziell, den Renminbi dem Währungskorb hinzuzufügen, der den Wert der sogenannten Sonderziehungsrechte (SZRs) bestimmt.

Die Hinzufügung des Renminbi zu diesem Währungskorb, der gegenwärtig den US-Dollar, den Euro, das britische Pfund und den japanischen Yen umfasst, würde China einen Prestige-Schub verleihen. Wichtiger noch: Sie würde die Bemühungen der Regierung zur Internationalisierung des Renminbi vorantreiben. Sie wäre jedoch zugleich auch ein Fehler. Die Entscheidung, die Einbeziehung des Renminbi zu empfehlen, ist nicht auf solider wirtschaftlicher Grundlage erfolgt, sondern lässt sich nur politisch erklären. Insofern dürften ihre langfristigen Folgen bedauerlich sein.

Auf rein technischer Basis sind die Qualifikationen für die Einbeziehung des Renminbi in den SZR-Korb fragwürdig. Der IWF hat traditionell auf zwei Kriterien beharrt: Das Land, das die Währung ausgibt, muss zu den weltführenden Exporteuren gehören, und die Währung muss „frei verwendbar“ – weithin genutzt und gehandelt – sein.

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