The people’s Bank of China can keep the Renminbi stable at the required level, said the Deputy Governor of the Bank of China And Gan. According to him, China will continue its policy towards the Renminbi.
MOSCOW, 2 Dec. China is ready to cope with potential risks that may appear after the inclusion of the yuan in the currency basket of the International monetary Fund (IMF), said Deputy Governor the people’s Bank of China And Gan.
The IMF Executive Board on Monday, November 30, decided from October 1, 2016 to include the yuan in the SDR basket, including dollar, Euro, pound sterling and yen. The Fund’s decision coincided with the expectations of international analysts and experts who have long talked about the need for recognition of the role of China in global trade
Yesterday the IMF reported that the share of the yuan in the revised currency basket, the IMF will be 10,92%, dollar — 41,73%, Euro of 30.93%. Of the remaining two currencies is distributed almost equally: the Japanese yen — of 8.33%, British pound — 8,09%.
“We are ready to incorporate (of the yuan in the currency basket of the IMF and possible risks)”, — quotes the words of Ghana And the China Daily newspaper.
“We are able to keep the Renminbi stable at the required level,” he added. According to the Deputy Governor of the people’s Bank of China, China will continue its policy towards the Renminbi.
Previously the people’s Bank of China welcomed the decision of the International monetary Fund to include the yuan in the basket of Special drawing rights (SDR), calling it a recognition of the results of economic development and the policy of reform and openness of China.
Following the meeting of the fifth Plenum of the Central Committee of the Communist party of China in late October, it was decided that China during the 13th five-year plan (2016-2020) will continue the efforts for the internationalization of the yuan, will strive to create transparent and healthy capital market, and will continue the policy of openness of its economy.