Renminbi in central banking focus report 2022
The International Monetary Fund (IMF) announced on May 14, 2022 that it was increasing the weighting of the dollar and renminbi in the special drawing rights (SDR) – an international asset created by the IMF in 1969 to supplement its member countries’ reserve assets.
The formula for SDR weight looks at each currency’s share in exports, official reserves, foreign exchange turnover, international bank liabilities and international debt securities.
Last year, Central Banking looked at the impact the addition of the renminbi to the SDR basket has had on internationalising the Chinese currency. This year’s report looks more closely at the effect of inflation and the new free trade agreement among Asia-Pacific nations on parts of the SDR formula, with a focus on the renminbi’s share of central bank reserves.
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