The inclusion of the yuan in the currency basket, the IMF will China’s prestige, but the organization will get more benefit from this deal, as Beijing took over a huge number of commitments, said Alexei main.
WASHINGTON, 13 Nov. The international monetary Fund (IMF) will get more benefit from inclusion in the SDR basket of the yuan, than China itself, said the Director of IMF from Russia Alexei Morin on the sidelines of the conference, Russia Direct on Thursday.
“They (China — ed) will receive from this prestige. Their national currency will be included in the basket of the IMF. But the IMF will get more. China has undertaken a huge number of commitments that, in fact, makes the transaction extremely beneficial,” said Morin.
Earlier a spokesman for the IMF reported that the inclusion of the yuan in the currency basket, the IMF will be discussed at the meeting of the Board of Directors of the Fund in November, however, he noted that to talk of any decision on this issue sooner.
Beijing insists on including the yuan in the SDR basket. The initiative is part of a long-term strategic goal of China to reduce dependence of the local currency against the dollar. China in the past few months adopted a number of reforms to liberalize their markets to help the Renminbi to pass the SDR and freely used for international payments and trade in the currency markets.