The Chinese yuan has become part of the currency basket of the IMF – RBC

Photo: Zuma/TASS

the IMF has included the Chinese yuan in a basket of currencies on the basis of which set a course of his own unit of account of the SDR. Moreover, the yuan immediately ahead of the pound sterling and the yen share in the basket

As stated in the press release, the IMF, the Chinese yuan has become the fifth currency included in the basket. From 1 October it consists of 0,58252 the U.S. dollar, the Euro 0,38671, 1,0174 yuan, 11.9 yen, 0,085946 the pound.

the percentage ratio of the currencies in the basket was the following: USD – old 41,73%, EUR 30,93%, and the yuan – 10,92%, yen – 8,33%, pound sterling – of 8.09%. While the percentage of the currencies in the basket may vary depending on fluctuations in their rates.

the cost is included in the basket of currencies adjusted their courses one gets the current quote of its own unit of account IMF — the so-called special drawing rights (SDR). SDR is a type of virtual currency that has no physical embodiment and real terms, and is used as a reserve asset in addition to gold and foreign currency positions of countries — members of IMF. A number of international organizations use the SDR to Express them in monetary values, prices and tariffs for communication services, transportation, etc. is Used to adjust the balance to cover the deficit of the balance of payments, replenishment of reserves, payments on the IMF loans.

writes the Nikkei Asian Review, the inclusion in the currency basket of the IMF is an important step in turning the yuan into a global currency.

“the SDR is neither a currency nor with the requirements of the IMF. Rather, they represent a potential demand to freely usable currencies of member States of the IMF. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the mechanism of voluntary exchange between the member States; and, secondly, through the appointment of IMF member States with strong external positions that need to buy SDRs from member States with weak external positions. In addition to its role as a supplementary reserve asset, the SDR serves as the unit of account of IMF and some other international organizations”, — said in the article about this tool on the IMF website.