Recently, the International Monetary Fund (IMF) raised the weight of RMB in the special drawing right (SDR) currency basket from 10.92% to 12.28%. This is the first review completed since the RMB officially joined the SDR currency basket in 2016, which reflects the IMF's recognition of the progress made in China's financial market reform and will also boost the internationalization of the RMB. The composition of currencies in the SDR basket reflects the importance of these currencies in the international trade and financial system. Its composition and interest rate directly determine the level of IMF credit interest rate. For borrowing countries, its importance is self-evident. Since October 1, 2016, RMB has become the fifth currency in the SDR basket, which is an important milestone for China's economic integration into the global financial system and recognition of China's reform and opening up, especially China's achievements in monetary policy and financial system. The inclusion of RMB in the SDR basket also makes the basket more diversified and representative, which helps to improve the stability of SDR and its attractiveness as an international reserve asset. This year's IMF review once again determined the rationality of the SDR basket currency portfolio, and increased the weight of RMB in the SDR basket, which also shows that the internationalization of RMB is constantly advancing. For China, this is not only an important recognition, but also a responsibility, but also the driving force for the continuous internationalization of the RMB. Looking forward to the prospect of RMB internationalization, the following aspects deserve attention: First, sustained economic growth is the basis for the further internationalization of RMB. Over the past four decades, China's economy has developed rapidly, becoming the world's second largest economy and the largest trading country, laying the foundation for the gradual internationalization of the RMB. It is essential for the further internationalization of RMB to continue to maintain the stable growth of China's economy, continue to improve the macroeconomic and financial policy framework and prevent severe fluctuations in the financial market. Second, reform and opening up is the guarantee for the further internationalization of RMB. China's foreign economic activities have continued to grow, driving the overseas trading and use of RMB. It is imperative to steadily promote the opening of capital account, continuously expand the opening of finance to the outside world and promote the cross-border use of RMB. Third, improving the financial system and deepening the development of financial markets are the driving force for the further internationalization of RMB. The depth, breadth and openness of the domestic financial market are conducive to enhancing the confidence and use of RMB in foreign markets. Fourth, the flexible exchange rate system is the booster of the further internationalization of RMB. By continuously improving the exchange rate system and adhering to the basis of market supply and demand, we can enhance the flexibility of the RMB exchange rate and give play to the functions of exchange rate regulation, macroeconomic regulation and automatic stabilizer of balance of payments. At the same time, the exchange rate is determined by market supply and demand, which can give full play to its price signal role and improve the efficiency of resource allocation. Fifth, promoting cross-border trade valuation and settlement is a breakthrough for the further internationalization of RMB. China's huge scale of foreign trade is the biggest advantage of promoting the internationalization of RMB. At present, the proportion of domestic currency settlement in China's trade is still relatively low, and there is great room for rise. Starting with the valuation and settlement of cross-border trade, improving cross-border RMB settlement services can achieve twice the result with half the effort. Overall, the RMB's accession to the SDR and the rise in its weight are important events for China, the IMF and its Member States, which are beneficial in the long run and globally. In the foreseeable future, the currencies in the SDR basket will continue to serve as the world's major reserve currency. The further internationalization of RMB is inseparable from the support of China's sustained economic growth, high-level opening to the outside world, and the continuous improvement of the financial system and market. The increase of RMB SDR weight is a new starting point on the journey of internationalization. (Xinhua News Agency)