Business / Markets

IMF chief reiterates supports for Chinese currency's inclusion into SDR basket

(Xinhua) Updated: 2015-11-17 17:12

ANTALYA, Turkey -- Christine Lagarde, chief of the International Monetary Fund (IMF), reiterated on Monday her supports for the fund's recommendation to include the Chinese currency into the Special Drawing Right (SDR) basket.

She pledged her support to renminbi's inclusion into the SDR in a statement issued at the end of the two-day Group of 20 (G20) summit held in the Turkish seaside resort of Antalya on Nov 15-16.

"I noted the IMF's upcoming review of the Special Drawing Right (SDR) and the Fund's staff recommendation to include the Chinese renminbi in the SDR basket; I support this recommendation," she said.

The executive board of the fund is scheduled to make its decision later this month.

Earlier, US Treasury Secretary Jack Lew said he would support adding the yuan currency to the basket if it meets the IMF's criteria.

Meanwhile, the IMF chief also urged a speedy ratification of her organization's quota reform proposals.

"On IMF quota and governance, I noted my continued strong urging of speedy ratification of the 2010 reforms," she urged.

Currently, a total of 144 nations have already ratified the reforms, including major US allies, such as Britain, France, South Korea and Japan.

But, the United States, which holds the largest share of votes in the IMF, has refused to approve these reform proposals.

In a communique issued on Monday after the summit, the G20 leaders said they are "deeply disappointed" with the continued delay in carrying out the 2010 quota reforms, and urged the United States to ratify these reforms as soon as possible.

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