The currency composition of the SDR basket remains unchanged, and the weight of RMB is raised to 12.28%
2022-05-15 16:27:08Source: Xinhua News Agency
The picture shows a bank staff counting renminbi and U.S. dollars.Xinhua News Agency
The reporter learned from the People’s Bank of China on May 15 that the Executive Board of the International Monetary Fund unanimously decided to maintain the composition of the existing Special Drawing Rights (SDR) basket of currencies unchanged, and to increase the weight of the RMB from 10.92% to 12.28%. The new SDR currency basket came into effect on August 1 this year, and the next SDR valuation review will take place in 2027.
The reporter learned from the People’s Bank of China that on May 11, the Executive Board of the International Monetary Fund completed a five-year review of the valuation of the Special Drawing Rights (SDR). This is the first review since the yuan became an SDR basket currency in 2016. The Executive Board unanimously decided to maintain the existing SDR basket currency composition unchanged, that is, still composed of the US dollar, the euro, the RMB, the Japanese yen and the British pound, and to increase the weight of the RMB from 10.92% to 12.28% (an increase of 1.36 percentage points), and the The weight of the US dollar was raised from 41.73% to 43.38%, while the weight of the euro, yen and pound was lowered from 30.93%, 8.33% and 8.09% to 29.31%, 7.59% and 7.44% respectively, and the weight of the RMB remained in third place.
The People’s Bank of China said that China’s confidence and will in reform and opening up will not be shaken, and it will always adhere to expanding high-level opening up. In the next stage, the People’s Bank of China, together with various financial management departments, will continue to unswervingly promote the reform and opening up of China’s financial market, further simplify the procedures for foreign investors to enter the Chinese market, enrich the types of investable assets, and improve data disclosure. Improve the business environment, extend the trading hours of the inter-bank foreign exchange market, continuously improve the convenience of investing in the Chinese market, and create a more favorable environment for foreign investors and international institutions to invest in the Chinese market. (Reporter Wu Yu)
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