LINE

Text:AAAPrint
Economy

IMF lifts weighting of RMB, dollar in SDR currency basket

1
2022-05-15 17:56:27Xinhua Editor : Zhang Dongfang ECNS App Download

The International Monetary Fund announced Saturday an increase in the weighting of the Chinese renminbi and U.S. dollar in the Special Drawing Rights (SDR) currency basket after completing a quinquennial review.

It marks the first SDR review since the renminbi formally became the fifth currency in the SDR basket in 2016. The review occurred about one year later than originally scheduled due to the COVID-19 pandemic.

The updated basket implies slightly higher weights for the U.S. dollar and the renminbi and somewhat lower weights for the euro, the Japanese yen and the British pound.

The International Monetary Fund raised the U.S. currency's weighting from 41.73 percent to 43.38 percent and the renminbi's weighting from 10.92 percent to 12.28 percent.

Meanwhile, the euro's weighting dropped from 30.93 percent to 29.31 percent. The yen's fell from 8.33 percent to 7.59 percent and the British pound's weighting declined from 8.09 percent to 7.44 percent.

"Directors broadly acknowledged the progress made on financial market reforms in China, while calling for additional efforts to further open and deepen the onshore renminbi market," the statement read.

The updated basket weights will come into effect on Aug. 1, 2022.

The SDR is an international reserve asset created by the International Monetary Fund to supplement the official reserves of its member countries. It can be exchanged among governments for freely usable currencies in times of need. 

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

LINE
Back to top About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2022 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
[网上传播视听节目许可证(0106168)] [京ICP证040655号]
[京公网安备 11010202009201号] [京ICP备05004340号-1]