Коммерциализация специальных прав заимствования

БЕРКЛИ. Председатель Народного банка Китая Чжоу Сяочуань произвел сенсацию перед последним саммитом G-20, доказывая, что специальные права заимствования МВФ должны заменить доллар в качестве мировой резервной валюты. Его размышления вызвали неоднозначную реакцию.

Сторонники такой идеи признали наличие противоречий в системе, в которой национальная единица используется на международном уровне. Ясно, что по мере роста экономик центральные банки ищут больше резервов. Однако если в основном эти резервы выражаются в долларах, тогда растущий спрос на них позволяет США финансировать свой внешний дефицит по искусственно низкой стоимости. В свою очередь это позволяет создавать неустойчивые дисбалансы, ведущие к неизбежному краху. Недавние события подчеркнули эту проблему – и, таким образом, председатель Чжоу был прав, призывая к введению другой системы.

Однако скептики сомневаются, что специальные права заимствования когда-либо заменят доллар в качестве мировой резервной валюты по простой причине, что СПЗ не являются валютой. Это сложная единица учета, посредством которой МВФ выдает кредиты своим членам.

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