The United States rejects the entry of the RMB into the IMF’s Special Drawing Rights currency basket

According to Xinhua News Agency, U.S. Treasury Secretary Jacob Lew recently opposed the entry of the RMB into the Special Drawing Rights basket of the International Monetary Fund (IMF). Withdrawal Rights (SDR) currency basket issue.

Lu’s reason is that although progress has been made in the liberalization of the RMB, “further liberalization and reform are still needed to comply with IMF standards.” However, IMF Managing Director Christine Lagarde said that the IMF welcomes and shares China’s goal of bringing the yuan into the SDR.

Yi Gang, deputy governor of the People's Bank of China, said that we should keep a calm mind on whether the RMB can join the SDR. "(No matter when China joins, whether or not it joins the SDR, the process of China's financial reform and opening up will continue." move forward".

The RMB joins the Special Drawing Rights (SDR) currency basket

On November 30, 2015, the Executive Board of the International Monetary Fund (IMF) approved the addition of the RMB to the Special Drawing Rights (SDR). SDR) currency basket, the new currency basket will officially take effect on October 1, 2016.

The IMF issued a statement on the same day saying that the Executive Board completed the five-year SDR currency basket review that day and believed that the RMB met all existing criteria for "inclusion in the basket". Since October 1, 2016, the RMB has been recognized as a freely usable currency and will form the SDR currency basket together with the US dollar, euro, Japanese yen and British pound.

The IMF believes that the "inclusion" of the RMB into the basket will diversify the currency basket and make it more representative of the world's major currencies, thereby helping to increase the attractiveness of the SDR as a reserve asset.

The IMF also adjusted the weight of the basket currencies to: the U.S. dollar accounts for 41.73%, the euro accounts for 30.93%, the renminbi accounts for 10.92%, the Japanese yen accounts for 8.33%, and the pound sterling accounts for 8.09%.

IMF President Christine Lagarde said after the Executive Board meeting that day that the "inclusion of the RMB into the basket" is an important milestone for China's economy to integrate into the global financial system. It is also the IMF's contribution to China's reform of its currency and financial system in the past few years. Recognition of progress.