China looking into the SDR RMB

In the recently concluded Lujiazui Forum, Bank of China's financial markets, once more thank Secretary expressed the hope that one day the yuan to enter SDR SDR components, but can also consider making the yuan instead of the dollar as the reserve currency countries This will solve the problem of imbalance in the international financial system.

However, Xie was also recognized more, to achieve the balance of the international financial system will not be easy, time-consuming for a long time. But he is convinced that economic growth as the world center of gravity shifting from the west to the East, the emerging market countries 的 currency 会 in the future international monetary system play an increasingly important role, dollars or euro the international monetary system can not solve all the problems.

Goldman Sachs said in a recent report that the U.S. share of global GDP, the largest, but the share of global exports and China is in fact almost the same. Only because this is not renminbi freely convertible currency, the IMF can not be added to the RMB in the SDR.

The report also speculated that if the weight of SDR based solely on exports, the composition of the SDR is expected for 2020: RMB, U.S. dollar, euro, yen, pound sterling. If the value of exports in 2009 calculated by the weight of SDR, its composition would be: RMB, USD, euro, yen, pound sterling.

But this is only a hypothetical but only because the weight in determining the SDR, the need Kaolv another important Biaozhun: each currency reserve assets Zai other IMF member countries Zonge Zhong importance. And as being unable to prevent the yuan low share in the global pattern of reserves, and therefore greater share of global reserves, before the role of China in the SDR will not increase dramatically.