IMF decide Monday on the entry of its currency the yuan to a basket

[yota691]

GMT 10:02 2015 Sunday, November 29: Last Updated

IMF decide Monday on the entry of its currency the yuan to a basket a. P. B.

 

 

 

Washington: expected to ratify the International Monetary Fund Monday to enter the Chinese yuan in the key of its currency, which is used to determine the value of special drawing rights basket, a unit calculation.

He is scheduled to meet the Board of Directors of the International Monetary Fund Monday to decide on a recommendation made by its expert on November 13 in favor of the Chinese currency, the yuan's entry in the basket along with the US dollar and the pound sterling and the Japanese yen and the euro.

It is very rare to go the board of directors, which the 188 member states of the financial institution representing reflect the recommendations of its experts. In mid-November the Director-General of the Fund Christine Lagarde said she personally supports this recommendation.

But despite the support, the decision will not be applicable before the end of September 2016 to allow time for financial actors to prepare for this change.

And it returns the last change in the SDR composition to Alvin year when the single European currency the euro replaced the French franc place German mark.

But the issue that is still unresolved is the balance that the yuan will get within a basket of currencies. It has ranged between 10% and 16% but more likely to cuff remains downward due to the susceptibility of exchange or exchange which is still limited to the Chinese currency.

Since the last review of this balance in 2010, the US dollar represents 41.9% and 37.4% euro and the pound 11.3% and the Japanese yen 9.4% of the total global reserve assets of the Fund. This balance is based on the value of goods and services exports of the country or region of cash issued by all components of the currency basket during the five years prior to the review process by (previous revisions occurred in Alvin year and the year 2005).

And the entry of the yuan in the basket would be suitable for a new review.

Diplomatic success

But the entry of the Chinese currency is considered a major diplomatic success for Beijing, which will be devoted to this in the ranks of the dominant global economies. And all eyes and attention in particular to the vote of the United States funded the first to the International Monetary Fund, as well as to political backlash.

And Washington regularly accuses Chinese authorities of deliberately lowering its currency to below its actual value to stimulate exports. The recent tone did not soften it remains that the US administration is still considered "low on the actual value in the medium term," according to the official final report on the subject.

The irony is that the recent reduction of the value of the yuan last August, received a welcome by the International Monetary Fund, which said the move will allow market forces to play a bigger role to determine the exchange rate.

Recently, Beijing has allowed the entry of foreign central banks in the Chinese foreign exchange market that would encourage the globalization of its currency in world trade.

According to the agency's financial credit rating Fitch, the introduction of the yuan, also known as "RMB" in the basket of major currencies in the fund is likely but is not expected to lead to a "significant change in the demand for assets denominated in renminbi in the world." But it may help in strengthening China sign long-term, according to the agency.

It came and the International Monetary Fund's decision may not deliver a positive welcome in the US Congress in the midst of the presidential campaign. Note that the US Congress strongly rejects the ratification of the reform of the IMF, which was voted on in 2010 to give more weight within the institution to major emerging countries such as China, India, Russia, Brazil and South Africa.

 

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[yota691]

39 minutes ago

Chinese yuan .. The Club "international basket of currencies."

China has made several attempts to enter the menu

 

• •  

Abu Dhabi - Sky News Arabic

 

It is heading the Chinese yuan, on Monday, to achieve a historic opportunity to enter the main basket of currencies to the International Monetary Fund.

It is expected to hold a ratification of the entry of the yuan to the world's reserve currency group, conducted after the Director General of the International Monetary Fund, Christine Lagarde, several consultations in this regard.

Chinese officials have made great efforts in order to append a list of the yuan currency, faced with so much criticism of the view that maintaining the yuan at a low level is nothing but a ploy to in order to benefit from exports.

China and practiced several pressure to enter a list of currencies International Monetary Fund, the list includes both the dollar and the euro and the pound sterling and the Japanese yen.

It has not been any amendments on the list since 2000, when it was replaced by the currencies franc mark in euros.

The rule Followers have to enter the yuan to the basket a direct impact on the Chinese economy, there are those who are likely to become more of the Chinese currency, and demand rises in the future, thanks to accede to a basket of currencies.

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[yota691]

"IMF" Looking today join the "Yuan" of the basket of currencies

Picture: Reuters of Arabian Eye

 

  November 30, 2015 10:20

Of- Mahmoud Jamal:

Emirates - direct: Council meets the International Monetary Fund, on Monday; to discuss recommendations on the entry of the Chinese currency "yuan" in the basket of major currencies besides the dollar, and the pound sterling, the Japanese yen, and the euro.

The agency said the financial credit rating Fitch, said that the introduction of the yuan in the basket of major currencies in the fund is unlikely.

Fitch confirmed in its latest report, it is not expected to lead to a «significant change in the demand for assets denominated in renminbi globally».

He noted the "Fitch", in its report also pointed out that the introduction of the yuan may help increase a careful China sign long-term.

Said Mohammed Shamimri - financial advisor to global markets and currencies, for "direct" The entry of the Chinese yuan will is a great success, and will support its position in the ranking of the dominant economies of the world. "

He predicted "Shamimri" to go Monetary Fund to join today for a basket of major currencies on the world; which may positively affect the value of that currency, durability, and the promotion of the status of Chinese stocks around the world. "

In an earlier statement, Christine Ajard- supported the President of the Fund, its support for the recommendations of the Expert accession of the yuan to a basket of currencies.

The "Shamimri" that if today the International Monetary went to China's currency basket for those joining the decision will not be viable by the end of September 2016, to allow time for the financial world to realize this big change. "

The eyes will vote today to the United States funded the first to the International Monetary Fund, after accusing the Chinese authorities of deliberately lowering its currency below its actual value to stimulate exports.

In August, it has been devalued and then welcomed the International Monetary Fund, and considered that the move will allow for a greater role of market forces to determine the exchange rate.

Beijing recently allowed the entry of foreign central banks in the Chinese foreign exchange market; what would encourage the globalization of its currency in world trade.