Siluanov said about the possibility of storage of Russian reserves in yuan

Siluanov said about the possibility of storage of Russian reserves in yuan

Moscow. November 16. If the yuan will be included in the composition of the basket of special drawing rights (SDRs or SDR), then Russia will be able to store money in that currency, said Finance Minister Anton Siluanov.

“If the composition of the SDR will include the yuan, respectively, the RF can also store their reserves in yanevych assets”, – said Siluanov to reporters.

The head of the International monetary Fund Christine Lagarde earlier said he supported the proposal of the experts of the Fund on the inclusion of the yuan in the SDR basket. The final decision on this issue is planned to be adopted at the meeting of the Board of Directors of the IMF, which is scheduled for November 30.

Changes after review, if they occur, will take effect in October 2016.

IMF revises currency basket every five years. Since the 1990s, and currently in the calculation of the SDR is composed of four currencies: pound sterling, Euro, Japanese yen and US dollar.

These currencies most frequently used in international payments, according to SWIFT. In August the yuan first broke the fourth most common cancer in the calculations, surpassing the yen.

In 2010, the IMF refused to include the yuan in the SDR, noting that the Chinese national currency does not meet the definition of “unrestricted-use”.

China in recent months has taken a number of steps aimed at liberalization of the monetary system and interest rates as well as the internationalization of the national currency. In August 2015 the people’s Bank of China has carried out the biggest devaluation of the RMB since 1994.