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Main » 2015 » December » 1 » Yuan thronging euros! The share of the euro in the currency basket of the IMF declined.
Yuan thronging euros! The share of the euro in the currency basket of the IMF declined.

The worst year for the euro over the past decade seems to be even gloomier after the Chinese yuan in the basket of reserve currencies International Monetary Fund.



On Monday, the leadership of the IMF reported that the share of the single currency in the basket of Special Drawing Rights (SDR) will be reduced from 37.4 to 30.93 percent. Yuan join the "club" of reserve currencies, which are already in the US dollar, euro, British pound and Japanese yen, on October 1, 2016. The share of currency was 10.92 percent.

This year, the euro against the US dollar fell by 13 per cent - the maximum reduction in the last decade - and the central banks reduced the share of its currency reserves to a record low since 2002.

China's currency will exceed the share of the yen and the pound sterling in the new composition of the basket.According to the IMF, the share of US dollar was 41.73 percent, the share of yen - 8.33 percent, the pound sterling - 8.09 percent. At present, the dollar is 41.9 percent of the basket, the UK currency - 11.3 percent, the Japanese currency - 9.4 percent.

International confidence

This is the first change in the composition of the SDR basket currency since 1999, when the euro replaced the German mark and the French franc. It is also a significant event in the long struggle of the yuan for international respect. The currency was first issued after World War II and for many years was used only within the country. The IMF considers the composition of the basket every five years and in 2010 rejected an application for inclusion of the yuan in Beijing to cart SDR.


Worst Performer

During the quarter, the single currency fell 5.3 percent against the US dollar - the maximum reduction in the currencies of 10 developed countries. As of 6:30 am in London, after reaching a seven-month low of $ 1.0558 on Monday, the euro was $ 1.0586.


 A source

According to the materials WELTRADE

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