Special drawing rights (SDR)
IMF lauds renminbi SDR launch, but some see momentum stalling
Fund officials praise China’s proactive approach to meeting SDR goals, but others warn progress on renminbi internationalisation may be slowing
The Chinese G20 presidency may mark a turning point
Mark Uzan defends the oft-criticised G20 communiqué, arguing the Chinese presidency of the global group has created genuine progress
PBoC gives World Bank green light as China’s first SDR bond issuer
World Bank to issue China’s first bond denominated in special drawing rights, in “landmark” step towards opening up Chinese bond market
IMF changes method for calculating SDR currency amounts
IMF will switch to new SDR basket in October, including renminbi for the first time; calculation will use new rounding methodology aimed at minimising deviation from weightings
Steps still needed for renminbi to become reserve currency – BIS head of banking
BIS’s Zöllner considers whether renminbi will become reserve currency; continued modernisation of market infrastructure needed, he says
South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says, as China makes latest move towards renminbi internationalisation
The renminbi and the international monetary system
Zhou Yueqiu, director of the Urban Finance Research Institute of the Industrial and Commercial Bank of China, offers some perspectives on the future role for the renminbi post-SDR inclusion
Reform facilitated by the renminbi’s inclusion in the SDR basket
Ba Shusong, IFF Academic Committee member and chief China economist of The Stock Exchange of Hong Kong examines the significance of the renminbi’s SDR inclusion
Renminbi to be identified in IMF Cofer database
IMF countries able to record renminbi holdings from October; inclusion in database recognises "continuing internationalisation" of currency, staff say
Reserve accumulation can be inflationary, ECB paper says
Working paper examines the allocation of special drawing rights in 2009 to separate out the inflationary effects stemming from an increase in the monetary base and moral hazard
PBoC deputy governor says reforms will continue beyond SDR inclusion
Yi Gang welcomes IMF decision on SDR, says China will not ease off on reforms; inclusion was seen as inevitable in recent weeks, but Central Banking poll highlights earlier uncertainty
IMF reveals weights of new SDR basket
Renminbi to account for 10.92% of basket from its inclusion next year; executive board approves change in formula
IMF approves renminbi as SDR currency as questions raised on hedging
Lagarde reveals executive board's decision to include renminbi in basket; inclusion raises questions on whether to hedge exposure to Chinese currency
US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report to Congress on foreign exchange rate policies ahead of IMF review next month
IMF extends current SDR basket by nine months
Fund stresses the extension does not ‘prejudge’ its decision on including the renminbi in the basket; final decision still expected this year
IMF offers PBoC cautious approval as renminbi slide continues
Fund urges China to aim for free float in next few years; PBoC insists there is 'no basis' for prolonged slide in currency as yuan falls for a second day
IMF leaves door open to renminbi inclusion in SDR basket
Report says renminbi is lagging behind the four currencies in the current basket, but decision is still wide open; IMF also considering extending existing arrangement by nine months
China market turmoil shouldn't affect SDR decision, Lagarde says
IMF chief defends Chinese government efforts to prop up stock market, praises reform tempo at first-ever virtual press conference
China to work with IMF on SDR evaluation, top official says
Comments by top foreign exchange regulator follow reports that IMF sent team to China for ‘technical discussions' last week
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
RMB inclusion in SDR would open way for investment by advanced economies
More advanced-economy central banks would join Swiss National Bank and invest in onshore renminbi assets if the currency was included in SDR
IMF shuts up shop in Budapest as Hungary clears its debt
Central Bank of Hungary repays remainder of its €1.44 billion loan ahead of schedule; IMF’s Budapest office will close at the end of August as part of ‘a message to voters’