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Main » 2015 » November » 16 » Yuan will become a reserve currency!
Yuan will become a reserve currency!

WASHINGTON (AFP) - Experts from the International Monetary Fund recommended that the Chinese yuan in the basket of reserve currencies Fund (SDR).



Last year, when China - the second largest economy in the world - has asked to include the yuan to a basket of currencies the IMF, the country's currency is not fully convertible on world markets and are too tightly controlled by Beijing. The head of the IMF Christine Lagarde said in his speech that the experts Fund its report, the Board of Directors of the IMF described Yuan as "meets all the requirements, and hard currency." These were the main factors that prevented the addition of the Chinese currency in the basket of Special Drawing Rights, already including the Japanese yen, the US dollar, the British pound and the euro . The slowdown in economic growth complicating Beijing's efforts to expand the use of national currency to meet one of the requirements of the IMF. Recall, the fund is reviewing the composition of the currency basket every five years.Find out what is: the reserve currency of the world, what currency can be considered redundant?

If, at its meeting this month, the IMF Executive Board will take a decision in favor of China, the actual inclusion will take place no earlier than September 30 next year, which will give Beijing more time to prepare.  IMF recommendations have been widely supported by the US. "We have repeatedly stated that they intend to support the inclusion of the renminbi in the basket of special drawing rights, provided that the currency meets the existing criteria of the International Monetary Fund", - said the Ministry of Finance USA.



A source

According to the materials WELTRADE

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