An introduction to the prospect of the Chinese RMB as a reserve currency

On October 1, 2016, the Chinese RMB (yuan) will be included in the SDRs of the International Monetary Fund (IMF). Reserve currencies are select currencies that have special drawing rights (SDRs). This article examines some of the aspects of this impending change of including the Chinese RMB as a sel...

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Bibliographic Details
Published inBanks and bank systems Vol. 11; no. 1; pp. 71 - 76
Main Author Gentle, Paul
Format Journal Article
LanguageEnglish
Published Sumy Business Perspectives Ltd 2016
LLC "CPC "Business Perspectives
Subjects
Currency
Special drawing rights
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Summary:On October 1, 2016, the Chinese RMB (yuan) will be included in the SDRs of the International Monetary Fund (IMF). Reserve currencies are select currencies that have special drawing rights (SDRs). This article examines some of the aspects of this impending change of including the Chinese RMB as a select currency. The U.S. dollar is expected to continue to dominate as a select currency, after October 1, 2016, for the foreseeable future. This article has been written so as to provide general economists with some understanding of special drawing rights (SDR) of the International Monetary Fund (IMF) and how the addition of the Chinese RMB will fit in, as of October 1, 2016
ISSN:1816-7403
1991-7074
DOI:10.21511/bbs.11(1).2016.08