随着世界金融一体化的发展，中国资本市场开放步伐加快，人民币国际化程度也越来 越高，加入 SDR 货币篮子成为必然选择。SDR 货币篮子的进入标准之一是“可自由使用”， 主要包括两层含义：一是“广泛使用”即成员国货币被广泛用于国际支付，二是“广泛交易” 即在主要外汇市场上广泛交易。中国在 2010 年之所以未通过 IMF 货币篮子的审核就是因 为人民币未达到 IMF 要求的可自由使用标准，究其原因主要在于人民币资本项目尚未实现 完全开放，这亦是当前人民币可自由兑换所面临的主要困境。从 2010 年到 2015 年这五年 的时间里，中国为助推人民币早日实现资本项目开放付出了很多努力，终于在 2016 年成功 入篮。这意味着按照 SDR 的进入机制人民币已达到了“可自由使用”标准，但并不等同于人 民币资本项目已实现完全可自由兑换。因为“可自由使用的货币”不同于“可自由兑换的货 币”，它仅代表货币的使用和交易程度。事实上，相比于篮子中其他国家的货币，人民币资 本项目开放程度可谓差距悬殊，这必然会被一些西方国家所诟病，给人民币资本项目开放 带来不小的压力，而资本项目的开放更多的要依靠法律的管制，特别是外汇管制。为了加 入 SDR，实现资本项目自由兑换我国外汇管制几经改革，但仍存在很多问题，这亦是本文 要解决的关键问题。目前的外汇管制法律法规中与资本项目开放相关的主要涉及 5 大领域： 直接投资领域、证券投资领域、债权债务领域、不动产领域和个人交易领域。因此，本文 中探讨的资本项目自由兑换的外汇管制是广义的，是包含这五大领域的外汇管制。主要从 立法和监管两方面分析了外汇管制的法律不足并提出了完善建议。立法不足方面，第一点 就是立法理念难以引领人民币资本项目实现可自由兑换，表现为立法理念与实际脱节；存 在外资超国民待遇的问题。第二点是立法体例不利于保障人民币资本项目实现可自由兑换， 表现为现存的外汇管制法律法规的补丁文件过多；“正面清单”立法模式阻碍资本项目自由 兑换；核心立法层级低、体系冗杂。就法律制度而言，针对以上不足，从四方面提出了完 善建议：树立切实公平的外汇管制法律理念；把握立法稳定原则；科学运用“负面清单”的 外汇管制模式；尽快出台统一的《外汇法》。此外，法律监管机制不足主要包括：监管分散 化、跨境监管合作不足、境内外监管不统一这三个方面。针对以上不足，要加强各部门协 调监管；加强国际国内双向监管；构建我国资本项目的长臂监管模式。

With the development of world financial integration, the opening-up pace of China's capital market has accelerated and the degree of internationalization of the renminbi has become deeper. Hence, joining the SDR currency basket has become an inevitable choice. One of the entry criteria for the SDR currency basket is “freely usable” . It includes 2 meanings: one is "widely used", which means the currency of member countries is widely used for international payments, and the other is "extensive trading", which means the currency of member countries is widely traded in major foreign exchange markets. And the reason why China failed to pass the IMF currency basket review in 2010 is that the renminbi capital account has not yet been achieving complete openness, which is also the main dilemma of renminbi convertibility. During the five years from 2010 to 2015, China has made a lot of efforts for capital account liberalization. Finally the renminbi successfully entered the SDR basket in 2016. It only means that the renminbi has reached the “freely usable” standard of IMF but it does not mean that the renminbi capital account has been fully convertible. Because the “freely usable” is different from"freely convertible“, and it only represents the use of currency and the degree of trading. In fact, the degree of capital account convertibility is much lower than other cunrrencies in the basket, which will inevitably be criticized by some western countries, and bring a lot of pressure on the opening of RMB capital account. So it must be dealt with by legal means，especially foreign exchange control. The domestic foreign exchange regulations for the opening of capital accounts mainly include five major areas: direct investment, securities investment, debt and debt, real estate and personal transactions. Therefore, the foreign exchange control of capital account convertibility discussed in this paper is broad, including these five fields of foreign exchange control. This paper analyzes the deficiencies of foreign exchange control from two aspects: legislation and regulatory mechanism. And puts forward some suggestions for improvement at last. As for the legislation, there are 2 deficiencies . Firstly, the legislative idea is difficult to lead the RMB capital 2 account to be freely convertible, which includes the out-of line legislative idea and the problem of the super-national treatment in foreign capital. Secondly, the legislative style is not conducive to the guarantee of RMB capital account convertibility, containing that the existing foreign exchange control laws and regulations have too many patching documents;"positive list" legislative model hinders the free conversion of capital account; the core legislation level is low and the system is complicated. As far as the legislation is concerned, according to the above deficiencies, some suggestions are put forward from four aspects: to establish the legal concept of effective and fair foreign exchange management; to grasp the principle of legislative stability; to apply the foreign exchange management mode of "negative list" scientifically; and introduce the uniform Foreign Exchange Law as soon as possible. Besides, the deficiencies of regulatory mechanism mainly include: the decentralization of regulation, the lack of cross-border regulatory cooperation, and disunity of supervision at home and abroad. As far as the supervision mechanism is concerned, it is necessary to strengthen the coordination and supervision of various departments, strengthen the two-way supervision at home and abroad, and constructing the long-arm supervision model of capital account in view of the deficiencies above .