RMB Into The SDR Basket Assessment Is In An Orderly Manner.

The so-called special drawing rights (SDR) is an international reserve asset created by IMF. It is also used as a nominal monetary unit to measure the share allocated by the IMF member states. SDR currently includes the US dollar, euro, yen and pound sterling.

The spot exchange rate of RMB against the US dollar has risen continuously.

According to the latest data released by the Bank of International Settlements (BIS), the actual value of RMB in March effective exchange rate The index rose 0.96% to 131.66, rising for tenth consecutive months. At the same time, the RMB effective exchange rate index increased by 2.01% to 126.07 in March. It also rose for tenth consecutive months and hit a record high.

In the same period dollar Strong trend, data show that in March this year US dollar index The breakthroughs in the 100 major breakthroughs set a new high in the past 12 years, but during the same period, the spot exchange rate of the renminbi against the US dollar did not fall or rise by 1.13%, and it recovered in the first half of the year.

Since April, the RMB exchange rate against the US dollar has been declining for a long time, thanks to the strong US dollar and the hot trend of Hong Kong stock market. However, in April 15th, the central parity of RMB rose, and as of April 17th, the central parity rate of RMB against the US dollar was 6.1267, up 38 basis points. This is the third consecutive trading day's rise in the median price and the cumulative increase of 114 basis points on the three trading day, a record two month high since February 9th. Spot exchange rate also rebounded in the near future. As of April 17th, the spot exchange rate of RMB against the US dollar closed at 6.1967, rising for the third consecutive trading day.

RMB into the SDR basket assessment is in an orderly manner.

In addition, this year's topic of whether or not the renminbi will be included in the SDR basket of currencies of the International Monetary Fund (IMF) continues to heat up. It is reported that two conditions are required to join the SDR, one is the "main exporting country" standard, the other two is the "free use" standard. In the 2010 assessment, IMF believed that the renminbi had already met the "main exporting country" standard, but there was still a gap with the standard of free use. In the second half of this year, IMF will review the composition of the SDR basket of currencies for 5 years. Whether RMB can become the fifth largest reserve currency in the world is very interesting.

According to Xinhua news agency Xinhua, Zhou Xiaochuan, governor of the people's Bank of China, said at the IMF and World Bank spring meetings last Friday that the assessment of RMB's accession to the IMF basket of currencies is in an orderly manner, and China will accelerate its own reform to push the process forward. In March this year, the vice president of the people's Bank of China Yi Gang said that the renminbi's accession to the "SDR basket of currencies" would help expand the representativeness of SDR, and at the same time help promote the reform of the international monetary system, and also play a catalytic role in the reform and opening up of China's financial industry.

In terms of IMF, Lagarde, President of IMF last week, also said that IMF will decide whether to include Renminbi in the SDR currency basket within the year. She said that the "usability" of the renminbi will become the focus of the review. "No one is doubting whether China can meet the standards on the scale of export trade. The availability of RMB will become the focus of the review."