Moscow. November 18. The yuan exchange rate against the US dollar on Wednesday fell to its lowest level for ten weeks. The reason for this was the expectation that the people’s Bank of China will have to intervene less in the FX market once the yuan included in the basket of special drawing rights (SDR, SDR) and given the status of world reserve currency, reported Bloomberg.
The official representative of the Chinese Central Bank Zhou Chansung said that the acceleration of measures to improve the convertibility of the yuan in the accounts, financial accounts and capital movement, it is important to prepare the national currency for wider use around the world, says the publication Caixin.
At the auction in Shanghai, the yuan fell 0.1% to 6,3849/$1. During the session, the rate fell to 6,3857/$1, which is the lowest level since September 10.
From the beginning of November the Chinese national currency fell 1.1%.
Meanwhile in Hong Kong the yuan on Wednesday has decreased on 0,23% – to 6,4187/$1.
The NSC has set the official exchange rate of the yuan at the level 6,3796/$1, which is 0.09 percent lower than the previous day. This is the lowest level since August 31.
As reported, IMF managing Director Christine Lagarde last week 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.