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                News

                To promote the renminbi and far-reaching would be beneficial to all United States without unreasonable delay

                a looming issue in international finance is to give China's currency reserves into International Monetary Fund currency basket in the SDR currency pair. Current portfolio includes only the dollar, euro, Yen and sterling.  By the end of this year, the International Monetary Fund will decide the fate of RMB.

                according to the United States, the Wall Street Journal, October 20, which is of far-reaching significance, but not as many people believe it, it's not marked the Yuan against the dollar as the dominant international reserve currency the challenge. Unless China embarked on the necessary and important political, legal and institutional reforms to build confidence among foreign investors, otherwise it will not become a safe haven currency.  These reforms are unlikely to be implemented soon, so the dollar's position is secure for the time being.

                However, the International Monetary Fund's decision may have on China's banking reform and others to influence the process of market-oriented economic reforms. These reforms will determine whether China's economy can embark on a faster, less risk of development.  If China's stalled reforms, global markets will feel the pain.

                reports said Chinese leaders for including the Yuan in special drawing rights basket of lobbying. Maybe they hope that by elevating the status of the Yuan away from reliance on the US dollar, but the more urgent question is their domestic economies.  China's economic reformers around the Yuan in global finance should be consistent with the status of China in the world economy of scale and status view to win public support.

                reports, if you want to make it as an important international currency, China must carry out a series of domestic reforms. These reforms included the establishment of a better, managed the banking system and financial markets expanding, including basic currency derivatives, reduction of capital flow restrictions and a truly market-determined exchange-rate systems.  These reforms will facilitate the development of financial markets, improving the distribution of resources in the economy, resulting in a more balanced and sustainable growth.

                but power's strong opposition to the reforms, because the reform challenge vested with great political influence.  Government fist as China's globalization is horns, beat these opponents, reform.

                in 2015, the people's Bank of China has promised to fully release the restrictions on the interest rates of bank deposits. This will increase competition for deposits, higher deposit rates for the benefit of depositors. Smaller banks will be able to compete more effectively with the big banks. Large banks oppose these reforms, but the Central Bank said domestic interest rates decided by the market for Yuan into the SDR currency basket is an important indicator.

                 

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