USEUROPEAFRICAASIA 中文双语Français
Home / Comment

Reserve currency status to open renminbi gates

By Jukka Pihlman | China Daily | Updated: 2015-12-01 08:19

Following the earlier announcement in November that the renminbi (RMB) meets the International Monetary Fund's (IMF's) criteria as a "freely usable" currency, the IMF Executive Board is expected to have decided on Nov 30 to include the RMB in its Special Drawing Rights (SDR) basket of currencies from Oct 1 next year.

This came as no surprise to those who have followed China's unprecedented steps to open up its capital markets.

A monumental milestone for the RMB, this event will trigger significant and gradual inflows of funds into RMB - changing the global currency landscape forever, as central banks, sovereign wealth funds (SWFs) and multilateral institutions recalibrate their balance sheets.

Reserve currency status to open renminbi gates

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US