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The inclusion of an official Chinese renminbi in the SDR basket
3/10/2016 0:00
[rtl]Capitals / follow - up / morning
confirmed a Mexican expert that the Chinese currency , the inclusion of the renminbi in the SDR of the IMF basket reflects the financial and monetary stability of China.
Basket of currencies
and included the renminbi officially on Saturday , within the global reserve currency to become an international currency fifth alongside the US dollar sterling, yen, pound Japan and the European euro.
strong Chinese currency is enough to be used in international transactions and stored as a reserve currency.
among Ignacio Martinez Curtis, a professor at the status of international relations of theindependent national University of Mexico, the need to move to modify the global financial system , which has remained largely unchanged since 70 years.
data the «Swift»
the renminbi 's fifth most widely used currency in international payments in value terms in July, with a share of 1.9 percent, up from 1.72 percent in June, according to data from the global transaction services organization SWIFT.
Martinez said that » the first impact of the entry RMB currency basket of the IMF is that the loans , which would give the fund from now on will be linked to the Chinese currency ».
he added that« this no doubt reflects the cash strength of China around the world. If it isnot China 's strong economy, and not its currency strong support, what was the renminbi got a share of 10.92 percent from the beginning of October October », referring to thedistribution of the International Monetary Fund in what is called the weight of each currency in the new SDR basket.
Weight renminbi
came« Weight »renminbi Third after the dollar (41.73 percent) and the euro (30.93 percent) and pre - yen (8.33 percent) and sterling (8.09 percent).
According to the international monetary Fund,« the currencies that qualify for the basket are those issued by the members of the monetary union , which plays a pivotal role in the global economy. »
said Martinez: China is moving gradually to participate in a big way and directly in thedecision - making of the IMF process.
national force
noted academic to be one of the factors that prompted the international Monetary Fund to expand its global currency reserves are enhanced national strength of China.
he explained the enhanced China 's national strength , including the global impact growing today is « as a result of its national conditions of strong and healthy and their purchasing power is very strong and sustainable development of its economy», as well as characterize China in many key areas such as science and technology, education anddevelopment, according to him.
He concluded Martinez saying: »there is a range of factors that drive China now to achieve this global presence, nothing more than the result of continued growth in theyears
past».[/rtl]
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