the people's Bank of China Governor Zhou xiaochuan 15th to attend Boao Forum-Forum "G20: at a crossroads," said RMB joined the SDR (special drawing rights) basket also needed more time to further prepare, China will continue to promote monetary reform, promote the development of RMB's convertibility, the RMB exchange rate mechanism more flexible.
SDR is the IMF (International Monetary Fund) creation of a unit of reserve assets and accounting. When the Member States in the event of the balance of payments deficit, it can be used to the other Member States of IMF specified in exchange for foreign exchange, to pay the balance of payments deficit or repayment of IMF loans, but also as with gold, convertible currency acts as international reserves. SDR method of the current value of a basket of currencies, a basket of currencies including the dollar, Yen, euro and sterling.
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Europe debt crisis and dew shapes euro difficult explicit toughness Force United Kingdom increased storage Exchange anti-risk United States does not due to oil prices high enterprises and ahead of interest rates cover special is satisfied that then call flexible exchange rate mechanism RMB appreciation accelerated knocking at 6.53 interest rates expected stiff euro material continued rose European Central Bank interest rates Hou Fed will followed up did [RMB premium][market Center]in accordance with the IMF provisions , SDR currency basket to review once every five years, while IMF currency basket in 2015, the next review. Last November, IMF adjusted the weights of currencies in the SDR currency basket, but does not add any new currency types. Analysis, in the international financial crisis, a dominance of the dollar ills exposed. Accompanied by emerging market countries in the world economy is becoming more and more high, the currency can be increased to SDR should be considered a basket of currencies, which will help solve the global economy for over-reliance on dollar as international reserve currency.
it was suggested that the Renminbi's position in the world all the more important and therefore should be included in the forefront of consideration. In this regard, Zhou xiaochuan said on 15th "does have a certain amount of pressure". He said, "we need more time to prepare further, required further discussion and consideration of this should be the November G20 Summit is one of the topics, no matter what, this is a discussion on the policy. "According to the quoted description of the people's Bank of China Deputy Governor Yi gang," when will the renminbi into the SDR is a matter of things ".
IM f President Kahn pointed out the other day, when the new currency when you join the SDR, standard it is necessary to make certain adjustments. For example, the Renminbi exchange rate on the market may still be lacking, but its share of world trade has far exceeded SDR basic requirements for reserve currency.
President of the Institute of international business and Economics Finance Ding zhijie pointed out that China already belong to the world's top four trading countries, according to this standard, RMB will undoubtedly have the qualification of the enter the SDR, but Yuan from "wide international use" this standard also is still a gap. He said, "when the renminbi into the SDR should be decided by the national conditions of China, China should not also do not need to change in order to join the SDR domestic reform process. "
and Min Tang, Vice Chairman of the people's Bank of China Department of graduate Affairs Committee pointed out that the RMB and its accession to the SDR, than pegged to the SDR. He said that if you change the Renminbi-dollar exchange rate policies, to focus on SDR, is beneficial to China and the world. This will reduce the pressure of RMB appreciation on the one hand, on the other hand has the support of RMB SDR will play a more important role in the international monetary system. "The RMB pegged to the SDR can 100%, can also fluctuate within an interval of the SDR. ”
