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France backs yuan inclusion in IMF's currency basket: finance minister Sapin

Friday, September 18, 2015 - 13:17
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China will cut administration fees worth up to 4 billion yuan (US$626.78 million) across a dozen sectors including real estate and intellectual property, the country's top planning agency said on Thursday.

[BEIJING] France is backing China's efforts to promote the global clout of the yuan and is supporting its inclusion in the International Monetary Fund's (IMF) currency basket, French Finance Minister Michel Sapin said on Friday.

France supports Beijing's efforts to strengthen the yuan's position in global trade as well as "China's bid to integrate the yuan amongst the IMF currencies", Mr Sapin said at the opening of the China-France High-Level Economic and Financial Dialogue in Beijing.

Likewise, the European Union wants to boost the use of the euro globally, he added.

Mr Sapin made the remarks in French.

Chinese officials have pledged to push financial reforms to make the yuan more convertible as they seek to win IMF approval for the yuan's inclusion in its Special Drawing Rights basket.

Chinese Vice Premier Ma Kai said at the same event that China and France should work together to boost the role of the yuan and euro in the international monetary system.

Mr Ma also said China's economy remains resilient and has relatively large room to manoeuvre.

REUTERS