China promised to increase the convertibility of the RMB by 2020


Moscow. November 3. The Chinese government is committed to increased access for investors, financial industry and significantly increase the convertibility of the yuan by 2020, said the Agency “Xinhua” with reference to the draft development plan of the country for the next five years, represented by the Communist party of China.

According to the draft, the authorities intend to promote the inclusion of the yuan in the basket of special drawing rights (SDRs or SDR) of the IMF. The Fund will consider the inclusion of the yuan reserve currency this month. Previously, the Agency Bloomberg reported citing Chinese officials, the members of the Fund in the course of negotiations with the Chinese authorities gave strong signals that the yuan is with high probability will soon be included in the calculation of the basket of special drawing rights.

In addition, five-year plan for the economic development of China represented by the Communist party, includes the build-up of reforms in the sphere of issue of shares and bonds, as well as accelerating the restructuring of the financial system and taxation system, reports “Xinhua”.

In the communiqué following the meeting of the Central Committee of the Communist party of China (CPC), held from 26 to 29 October, it was noted that Chinese authorities are planning a “moderately high” growth in the next five years, from 2016 to 2020.

Earlier this year, the phrase “moderately high”, the official Beijing used to describe the growth of the economy in the first half of 2015 at about 7% per year. However the Chinese Premier Li Keqiang believes a 6.53% per year minimum required by the growth in GDP over the next 5 years.

At the meeting it was also decided to give up the policy “one family – one child”, allowing all families to have two children.

In addition, the leadership of the Communist party announced that it intends to take measures to fight against aging of the population and by 2020 to end poverty in the country.

As reported in the third quarter of 2015, China’s GDP grew by 6.9% compared with the same period last year after rising 7% in the second quarter.