November 30, in Washington, IMF Managing Director Lagarde attended the press conference. International Monetary Fund (IMF) Executive Board approved on November 30 yuan to join SDR (SDR) currency basket, the new currency basket will come into effect October 1, 2016.

德媒：人民币“入篮”有多重意义 专家称利大于弊http://world.chinadaily.com/
China News Network December 1 electric (pak) November 30, International Monetary Fund (IMF) Executive Board meeting in Washington to make decisions, from October 1, 2016, will be included in the SDR RMB (SDR) currency basket. RMB became like dollars, yen, euro, British pound as the “world currency” – an international reserve currency. RMB “into the basket” What kind of significance? Process of internationalization of RMB have what effect?

Deutsche Welle Chinese network reported that the IMF Managing Director Lagarde made the decision after a meeting of the Board said that this is the Chinese economy into the global financial system, the process is an important milestone for China over the years to reform its accreditation monetary and financial system’s achievements.

She noted that China continued to promote and deepen in related fields will promote the establishment of a more dynamic international monetary and financial system, which in turn will support the Chinese and global economic development and stability.

Before the meeting, the former French finance minister had said that the RMB has had the necessary premise. Earlier this month, US Treasury Secretary Jacob Lew (Jacob Lew) also Chinese Vice Premier Wang Yang promised that as long as the Chinese currency in line with IMF standards, the United States will support the yuan join the SDR “currency basket.”

Weight third place

After inclusion SDR basket, right next to the renminbi weight will exceed the dollar and the euro ,, yen and pounds. From October 1, 2016, the right to five kinds of SDR currency weights will be respectively: USD 41.73 percent, 30.93 percent euro, the yuan 10.92%, 8.33% Japanese yen, pound sterling 8.09%.

Reuters quoted several market analysts pointed out that this is the process of internationalization of the RMB is an important step forward in its report. Once the renminbi to become independent of international currency, China will no longer need to finance security and huge foreign exchange reserves, these funds can be used to invest. In addition, the RMB internationalization also help to further open the Chinese market, the RMB assets to attract global savings.

Experts: more good than harm

East China Normal University finance expert Professor Huang Zemin believes that this view “Half the wrong.” He said that on the one hand, has its own international currency, the Chinese really no longer need to exchange high perennial reserve, “the IMF SDR basket of currencies but included it in fact as good as imagined so important; Although this has a positive psychological impact on the public, but decided to ‘the basket’ is the international status of the yuan, and decide the status of the yuan, it is the overall international status of China’s economy. ”

The macroeconomic scholars of East China University of Shen not entirely agree with Professor Huang Zemin views. He pointed out that the yuan “into the basket”, is indeed symbolic than practical significance, but the symbolic significance can not be underestimated. “On one hand, SDR proportion of global central bank reserves in less than 3%, on the other hand, it can send a very important signal to the market. Once the RMB truly established the status of international circulation, reserve currency, central banks in foreign exchange reserves will be a certain percentage of reserves into yuan. Of course, this is a long-term trend, within two or three months will not happen immediately.

Shen Ling said: “Although China’s export trade is already very high, but the openness of the capital account is very low capital entry control on the one hand be able to cope with the international financial crisis, we erect ‘firewall’, but the cost is RMB internationalization. the process is blocked. ”

Shen Ling noted that although the IMF SDR basket of currencies on the set “freely usable” The premise of the renminbi has not been fully met, but “the same as it was joining the WTO, which Forced our reform.”

Shen Ling said that the RMB internationalization “pros and cons”, but in the long run must be more good than harm. “Internationalization of the renminbi could become a reserve currency by central banks, the currency of payment in international trade. China’s foreign trade a lot, you can directly use the yuan-denominated, without having to go to dollars, euros and other third-party currency, so Europe does not contribute but for good. ”

In the past few years, the RMB rapid catch-up process is completed: in August 2012, is the world’s 12th largest renminbi currency. Today, it is the global currency trading volume has been ranking among the fourth, ranking more than yen. However, compared with the top three on the list currency, the yuan was a “dwarf.” The latest statistics show that the total amount of renminbi in international monetary transactions accounting for 2.79%, while the proportion was 44.8% dollar, the euro was 27.2 percent, the pound was 8.5%.