German Media: RMB has been officially included in SDR and realized regional breakthroughs
2016.11.25 Source: 转载 [ Print ] [ Close ]

According to the report in German media Frankfurter Allgemeine Zeitung, since this Oct. 1st, RMB has been officially included in SDR (special drawing right) currency basket, becoming one of the official reserved currency of IMF (International Monetary Fund).

According to the position change of USD and EURO among the international currencies, the wide application of one currency in quartet trading of international securities, raw material, commodities and tertiary industry, may promote the expanding influence of currencies.

Today, USD has been dominating various trading. Over 90% of international financial trades are settled via USD. Such an advantageous position is closely related with its role as the primary settlement unit for interpersonal or inter-state trades. Meanwhile, the strong position of EURO has led to the extremely small position of other currencies in international trading.

During the past two decades, China has realized regional breakthroughs. According to the prediction of German media, China’s GDP will exceed that of America in the next few years and top the world.

The influence of RMB’s entering into the basket for the development tendency in international practice shall not be ignored. Central banks of various countries mastering the right of currency issuance shall, on the basis of the change of “currency basket”, adjust the quota of various currencies in their own reserves of foreign currencies in time.

The essence to SDR (special drawing right) currency basket is to lay the foundation for value balance for IMF. The basket including of a country’s currency has marked that the quota and credit line it has subscribed as a member country have passed through the rigid verification of IMF. (By Li Zhi & Zhang Xiaoyu)