China's Central Bank response to the join SDR: the result is win-win for China and the world
the Central Bank said, welcomed the IMF's directors included in the SDR basket of currencies of the Yuan's decision is an affirmation of China's reform, opening and economic development results. China Fund management and staff on the SDR in the review process for their hard work and expressed appreciation for the support of the majority of Member States.
local time November 30, IMF practice Tung will decided will Yuan into special drawing right (SDR) currency basket, SDR currency basket corresponding expanded to dollars, and euro, and Yuan, and Yen, and pounds 5 species currency, Yuan in SDR currency basket in the of weight for 10.92%, dollars, and euro, and yen and pounds of weight respectively for 41.73%, and 30.93%, and 8.33% and 8.09%, new of SDR basket will Yu October 1, 2016 entered into force.
Central Bank says Yuan joined the SDR help enhance the representativeness and appeal of SDR, improvement of the existing international monetary system, the result is win-win for China and the world. Yuan joined the SDR also means that the international community played an active role in the international economic and financial arena, China has more expectations, China will continue to unswervingly push forward the reform of strategic deployment, and accelerate financial reforms and opening up, to promote global economic growth and maintain global financial stability and make a positive contribution to improving global economic governance.
report: seven questions about SDR review
1, what is an SDR?
SDR is SDR (Special Drawing Rights) acronym, which means Exchange "freely usable" currencies right. It was the International Monetary Fund (IMF) in 1969 to create a supplementary reserve asset, gold, foreign exchange and other reserve assets together constitute the international reserves. SDR as a unit of account by the IMF and a number of international institutions.
created at the beginning, SDR is equivalent to the dollar. After the collapse of the Bretton Woods system, IMF in 1974 to enable the SDR currency basket. Before the review in 2015, SDR basket of currencies including the US dollar, euro, pound and Yen, four major international currencies. The exchange rate on November 30, 2015, 1 SDR is about the equivalent of $ 1.37217.
2, the size and usage of existing SDR?
all members of the IMF member countries share the allocation of SDR, a supplementary reserve assets in the Member States.