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.

为了评估人民币加入特别提款权（SDR）篮子对人民币国际化的影响，作者系统地研究了风险溢出网络，并研究了包括美元在内的SDR货币之间的汇率动态关系（美元），欧盟欧元（EUR），日元（JPY）和英镑（GBP）。实证结果表明，美元占据主导地位，对其他货币的风险溢出最大，而人民币被纳入特别提款权篮子使得风险溢出得到平均，从而使特别提款权货币体系在一定程度上更加稳定。 。将人民币纳入特别提款权不仅可以降低特别提款权的系统风险，而且对国际汇率市场也有一定的影响。如今，