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        RMB will be among the international reserve currency

        Date:15.10.29

        The International Monetary Fund (IMF), the International Monetary Fund (IMF), decided in November to include the yuan in the special drawing rights (SDR) currency basket, the report said in October 27th. RMB will be the same as the U.S. dollar, the yen, the euro as the world's recognized international currency, which for the United States and the United States side of China can be said to be a big step forward. But China has a responsibility to promote the reform of the liberalization of exchange rate.
        In late November, IMF will be held in the Council announced that it will be included in the SDR basket. RMB will become the world's recognized international currency, is expected to have more countries to increase its holdings of rmb. The people's Bank of China data show that as of the end of 4, the country's foreign exchange reserves held a total of about 670 billion yuan, accounting for about 1% of the world's foreign exchange reserves. There are views that, once the RMB is incorporated into the SDR, the RMB foreign exchange reserves will account for about 10% of the total global reserves, about $1 trillion of foreign reserves will turn to the yuan.
        After the 2008 global financial crisis, China does not want to about its economy from the policy of the United States, in the international trade and investment, actively promote the use of the renminbi. It can be said that this is the internationalization of the RMB route, but also to get rid of the U.S. dollar dependent route. On the other hand, in order to maintain the stability of the RMB exchange rate, the Chinese government will not immediately change the basic policy of restricting the RMB and foreign currency exchange. China is spotted the addition of SDR can promote the internationalization of RMB in preserving the basic policy at the same time.
        Europe is a supporter of China. In October at the IMF conference in Peru, the United Kingdom said, "to support the yuan to join the SDR"; Germany also showed a positive attitude.
        The United States said, in the conditions to meet the IMF assessment criteria to support the RMB to join SDR. The United States said, do not think the yuan to join the SDR will shake the absolute advantage of the dollar as the base currency".
        On the contrary, the relative position of the Japanese yen as the international currency has been threatened. August, the Japanese yen in the proportion of foreign currency as the settlement of the yuan to catch up, fell to fifth place. The use of RMB denominated accounts of private enterprises may also be more and more. With the Asian currency, how to enhance the attractiveness of the yen is an important issue.

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