The managing Director of the IMF Christine Lagarde recommended the inclusion of the Chinese yuan in the basket of currencies that determines the composition of the special drawing rights. The IMF experts came to the conclusion that the yuan is “freely tradable” and “widely used” currency.
BEIJING, 14 Nov. Zhanna Manukyan. The people’s Bank of China (Central Bank) on Saturday welcomed the statement of the managing Director of the IMF, Christine Lagarde, who recommended the inclusion of the yuan in the SDR basket of currencies, according to the statement of the Chinese regulator.
On Friday, the managing Director of the International monetary Fund Christine Lagarde recommended the inclusion of the Chinese yuan in the basket of currencies that determines the composition of the special drawing rights (SDR) — an artificial means of payment, which the IMF operates.
The people’s Bank of China welcomes the statement by the managing Director of the IMF’s recommendation to include the yuan in the SDR basket of currencies. The Chinese side believes that the inclusion of the yuan will help to strengthen the representativeness of SDR, and to optimize the international monetary system”, — reads the statement of the Central Bank.
The IMF experts have prepared an article that came to the conclusion that the yuan is “freely tradable” and “widely used” currency, said Lagarde in a statement. According to her, the experts recommended the inclusion of the yuan in the SDR basket. “I support the conclusions of experts,” said Lagarde, adding that the decision will be made on November 30.
The Chinese Central Bank expressed the hope that “all parties” will advocate for the inclusion of the yuan in the currency basket.
“China expects the meeting of November 30 and will respect its final decision,” the statement said. The Central Bank also said that China will continue to adhere to the strategy for the comprehensive deepening of reforms, in particular, the financial system of the country.
