Can RMB become SDR component currency?
The renminbi may not yet qualify to be included in the IMF's Special Drawing Rights but the game may change in Beijing's favour.
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THE discussion about including the renminbi in the International Monetary Fund's (IMF) Special Drawing Rights (SDR) is not new. People's Bank of China governor Zhou Xiaochuan first raised the question on the SDR components when he suggested in March 2010, at a G20 meeting in London, to replace the US dollar by the SDR as the world's reserve currency.
The talk has gained momentum recently, as the IMF is going to review the components of the SDR basket in November this year.
At a press conference on March 12 during the National People's Congress this year, People's Bank of China deputy governor Yi Gang revived the idea of including the renminbi in the IMF's SDR basket.
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