Global Biz

    Add yuan to IMF currency basket - Yi

    (Agencies)
    Updated: 2011-04-18 15:28
    Large Medium Small

    Washington -?China's yuan is close to being a freely usable currency, one of two key tests for it to be included in the International Monetary Fund's currency basket, the deputy governor of China's central bank said on Sunday.

    The most widely used emerging market currencies should be considered for the basket, Yi Gang, deputy governor of the People's Bank of China told reporters.

    He was speaking on the sidelines of a twice-yearly meeting of the International Monetary Fund where expanding the IMF's so-called Special Drawing Rights was discussed.

    "The most obvious candidates are the BRICS," Yi said, referring to Brazil, Russia, India, China and South Africa.

    Add yuan to IMF currency basket - Yi
    Yi Gang, deputy governor of the People's Bank of China. [Photo/Xinhua]

    He added that the Chinese yuan is "very close to being freely usable."

    The SDR now comprises the dollar, euro, yen and sterling and is a synthetic quasi-currency that is mainly used as an accounting tool for the IMF's internal operations.

    Some experts believe the SDR could increasingly play a role akin to that of a global reserve currency.

    Expanding the SDR basket would help support global growth, reduce imbalances and provide a financial safety net during times of financial troubles, Yi said, adding it would also make the international monetary system more representative.

    Yi emphasized that a currency that is freely usable may not necessarily be "freely convertible," pointing to currencies that joined the SDR basket in the 1960s and 1970s.

    The other criteria for a currency to be included in the SDR basket is that the country must be a major exporter and China fully satisfies this requirement, Yi said.

    The IMF completed its latest SDR review in November and did not open it up to any new currencies. It said the Chinese yuan was not used widely enough to be included in the SDR basket.

    China has promoted the international use of the yuan in the past two years, highlighted by the rapid development of the Hong Kong offshore yuan market. Earlier this year, the Bank of China Ltd. offered yuan trading to its US customers.

    Cross-border yuan transactions are growing rapidly. The BRICS' development banks agreed in principle on Thursday to establish mutual credit lines denominated in their currencies, not dollars, to strengthen business and trade ties.

    Yi said China is not in a hurry to have the yuan included in the IMF basket. Chinese officials have repeatedly said Beijing will take steps to make the yuan more flexible but reforms will be carried out in a gradual manner.

    The IMF is due to conduct its next review in 2015. Some analysts, such as Jim O'Neill, chairman of Goldman Sachs Asset Management, speculated that the IMF might not wait until then to change the SDR's make-up.

    分享按鈕
    亚洲AV无码精品色午夜果冻不卡 | 成年免费a级毛片免费看无码| 无码人妻黑人中文字幕| 日韩精品人妻系列无码专区免费 | 久久精品一区二区三区中文字幕 | 亚洲精品乱码久久久久久中文字幕 | 国产50部艳色禁片无码| 午夜无码中文字幕在线播放| 无码精品人妻一区二区三区影院| 亚洲日韩国产二区无码| 亚洲不卡无码av中文字幕| 中文精品久久久久人妻不卡| 国产成人精品无码片区在线观看 | 性无码免费一区二区三区在线| 熟妇人妻VA精品中文字幕| 国产成人无码a区在线视频| 伊人久久无码中文字幕| 亚洲欧美精品一区久久中文字幕| 中文人妻无码一区二区三区| 久久久久无码中| 国产精品无码A∨精品影院| 亚洲AV日韩AV永久无码绿巨人 | 日韩精品无码一区二区视频| 最近2019年中文字幕6| 中文字幕无码无码专区| 一本色道无码道在线| 西西4444www大胆无码| 97碰碰碰人妻视频无码| 久久99久久无码毛片一区二区| 久久亚洲AV成人无码国产| 色窝窝无码一区二区三区成人网站| 一本色道无码道在线观看| 中文有无人妻vs无码人妻激烈 | 亚洲精品午夜无码电影网| 精品亚洲AV无码一区二区三区| 亚洲精品人成无码中文毛片| 日韩亚洲欧美中文高清在线| 中文无码不卡的岛国片| 精品人妻无码区在线视频| 亚洲Av无码专区国产乱码DVD| 亚洲综合av永久无码精品一区二区|