China is pushing forward its currency, the RMB’s inclusion into the IMF’s SDR basket through step-up reforms.
An expert from a Canadian think tank, the Centre for International Governance Innovation (CIGI), says the joining is not a question of “whether or if,” it is a question of “when”.
SOUNDBITE (ENGLISH): DOMENICO LOMBARDI, Centre for International Governance Innovation
“This is a clearly increasingly important topic that we know that Renminbi is becoming increasingly world-wide spread and surpasses the Yen, as a widely used currency, actually the fourth most widely used currency in the international payments. The SDR basket right now includes the U.S. dollar, Euro, and the Yen, but certainly does not include any currency from emerging economies, (but) the Renminbi is actually very close to being included, and a favorable decision is expected from the IMF. So, it is not a question of ‘whether or if’, it is more a question of ‘when’.”