1. LINE

      Text:AAAPrint
      Economy

      China's RMB joins IMF's elite currency club, tough journey ahead

      1
      2015-12-01 09:18Xinhua Editor: Gu Liping
      Photo taken on Nov. 30, 2015 shows a woman walking past the headquarters of the International Monetary Fund (IMF) in Washington D.C., the United States. (Photo: Xinhua/Bao Dandan)

      Photo taken on Nov. 30, 2015 shows a woman walking past the headquarters of the International Monetary Fund (IMF) in Washington D.C., the United States. (Photo: Xinhua/Bao Dandan)

      The International Monetary Fund (IMF) on Monday announced that the Chinese currency, Renminbi, is eligible for joining its Special Drawing Rights (SDR) currency basket.

      With the announcement, the Chinese currency, or the yuan, is to become one of the five reserve currencies fully endorsed by the 188-member multilateral organization.

      The RMB "met all existing criteria," said the IMF board, which represents the fund's member countries, in a statement after a nearly two-hour meeting held Monday.

      In accordance with the statement, the RMB will be included in the SDR basket as a fifth currency starting Oct. 1, 2016 and will have a 10.92-percent weighting in the basket.

      Since the 1990s, the SDR basket has consisted of four currencies -- the U.S. dollar, the euro, the British pound and the Japanese yen.

      IMF Managing Director Christine Lagarde said the RMB's inclusion into the SDR currency basket is "an important milestone in the integration of the Chinese economy into the global financial system."

      A CREDIT TO CHINA'S REFORM AGENDA

      The SDR is an international reserve asset created by the IMF in 1969 to supplement its member countries' official reserves. It can be exchanged among governments for freely usable currencies in times of need.

      Nicholas Lardy, a senior researcher with the Washington-based Peterson Institute of International Economics, told Xinhua that the yuan's inclusion reflected IMF's acknowledgement of China's heft in the global economy.

      "With China becoming the world's largest economy and the second largest trading nation, and the yuan is widely used across the globe, it is the right time to add yuan in the SDR basket," he said.

      The IMF conducts the review of the SDR currency basket every five years. The selections of currencies are based on two criteria -- the size of the country's exports and whether its currency is freely useable.

      At the last SDR review in 2010, the yuan met the export criterion, but failed to meet the "freely usable" standard.

      To pave the way for the yuan's inclusion, the Chinese authorities have stepped up its pace of liberalizing the country's financial market to make the yuan freely usable across the globe.

        

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: 亚洲精品99久久久久中文字幕 | 国产亚洲精品自在久久| 日韩av无码免费播放| 亚洲精品福利网泷泽萝拉| 免费无码成人AV片在线在线播放| 一级成人a免费视频| 亚洲码一区二区三区| 国产免费观看青青草原网站| 国产无遮挡无码视频免费软件 | 国产自国产自愉自愉免费24区| 亚洲综合色丁香麻豆| 免费人成年激情视频在线观看| 七色永久性tv网站免费看| 亚洲人AV在线无码影院观看| 亚洲精品无码av人在线观看| 成年性生交大片免费看| 97国免费在线视频| 亚洲乱妇熟女爽到高潮的片| 日本亚洲欧洲免费天堂午夜看片女人员| 久久综合AV免费观看| 日本三级在线观看免费| 337P日本欧洲亚洲大胆艺术图 | 99re免费视频| 免费人成再在线观看网站 | 自拍偷自拍亚洲精品第1页| 日本h在线精品免费观看| 久久久久久久久久免免费精品| 亚洲综合精品第一页| 亚洲国产精品国自产电影| 日韩精品成人亚洲专区| 无限动漫网在线观看免费| a级片在线免费看| 黄色毛片免费网站| 亚洲AV一二三区成人影片| 亚洲AV永久无码精品一百度影院 | 91嫩草私人成人亚洲影院| 美腿丝袜亚洲综合| 国产成人无码免费视频97| 久久精品女人天堂AV免费观看| 少妇太爽了在线观看免费视频| 九九99热免费最新版|