IMF looks to expand Special Drawing Rights

The International Monetary Fund is exploring ways to broaden the use of its Special Drawing Rights after the leaders of the G20 reached a consensus on the matter at the G20 Summit in Hangzhou to enhance the resilience of the international financial system, IMF chief Christine Lagarde said on Monday.

"The IMF was really encouraged by the determination of China to use the SDR as a yardstick to measure reserves and as a currency for bond issuance," Lagarde told reporters at a news conference after the conclusion of the summit.

The call for greater use of SDR, a synthetic reserve currency administrated by the IMF, has been strongly backed by China as the country has been working to lift the global profile of its currency. The yuan will be officially included in the IMF's currency basket on Oct 1.