Скачать или смотреть IMF to Consider Including Renminbi into Special Drawing Rights Basket

The International Monetary Fund (IMF) said on Thursday it will assess whether to include the Chinese currency into its supplementary foreign exchange reserves within this year.

IMF managing director Christine Lagarde said at a press conference for the 2015 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, D.C. that she had exchanged views with Chinese authorities during her visit to China last month about when to assess the renminbi's inclusion into the IMF Special Drawing Rights (SDR) currency basket.

"Well, I was actually asked properly and officially by the Chinese authorities to include a review of the current situation of the renminbi, with a view to including it in the SDR basket. And the Chinese authorities know quite well what is desirable, what needs to be changed and improved in the monetary policy and in the financial sector in China. And I believe that what the Chinese authorities have actually indicated in terms of liberalization of interest rates, in terms of opening up of the capital account, in terms of deepening of the financial markets, actually will naturally be conducive to an assessment of whether or not the renminbi is freely usable, which is, as you know, one of the key criteria. The other one is the export capacity and I think that on that one, nobody has any doubt as to whether or not China fits the bill," said Lagarde.

"As I said, it's technical work that needs to be applied to it on both sides. By the Chinese authorities themselves, and they have announced it, and by us to just assess and determine whether that second criterion is actually met," she added.

The SDR is an international reserve asset created by the IMF in 1969 to replenish the official reserves of its member states. Currently the SDR "basket" consists of four currencies - the U.S. dollar, euro, pound sterling and Japanese yen.

The assessment of a currency's eligibility to be added into the basket is based on the export capacity of the country where the currency is being issued and the usability of the currency as an international currency.

Analysts say the renminbi's inclusion into the SDR basket would help enhance the stability of the global financial system and increase the Chinese finance sector's international influence. More on: http://newscontent.cctv.com/NewJsp/ne...

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