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Banks

China central bank says welcomes IMF recommendation on SDR, to continue reforming

German Bundesbank President Jens Weidmann (L), People's Bank of China Deputy Governor Yi Gang and International Monetary Fund (IMF) Managing Director Christine Lagarde talk in Lima, Peru, October 8, 2015. REUTERS/Mariana Bazo -

BEIJING (Reuters) - China's central bank said on Saturday it welcomed International Monetary Fund chief Christine Lagarde backing adding China's yuan CNY=CFXSCNY=, or renminbi (RMB), to the global lender's benchmark currency basket after staff found it met the criteria for inclusion.

In a statement on its website, the People’s Bank of China (PBOC) said:

“The People’s Bank of China welcomes the statement of Mme. Christine Lagarde, and appreciates the analysis and suggestions of the IMF staff on including the RMB into the SDR currency basket, which is ... an acknowledgement of the progress in China’s recent economic development, reform and opening up.

“The inclusion of the RMB in the SDR basket would increase the representativeness and attractiveness of the SDR, and help improve the current international monetary system, which would benefit both China and the rest of the world. We hope the RMB’s inclusion in the SDR basket will be supported by the international community.

“We look forward to the scheduled Executive Board discussion on November 30 and will respect its decision. Going forward, China will continue to deepen economic reforms and promote financial opening up.”

Statement:

here

Reporting by Jason Subler; Editing by James Dalgleish

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