IMF Will Identify Yuan in FX Reserve Database From October
- The International Monetary Fund said it will start identifying the yuan in its official foreign-exchange reserves database starting in...
The International Monetary Fund said it will start identifying the yuan in its official foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term reserves database starting in October, advancing China’s push for a bigger international role of its currency, which is also known as the renminbi.
The listing will enable IMF members “to record as official reserves their holdings of renminbi-denominated external assets that are readily available for meeting balance of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term financing needs,” the Washington-based lender said Friday in a statement.
The change will be reflected in the IMF’s fourth-quarter survey on the currency composition of official foreign-exchange reserves, known as Cofer, that covers a total of 96 countries. That survey will be published at the end of March, 2017.
China is seeking a more prominent role in the global economy and showcased its stature when it hosted a meeting of the Group of 20 last month. However, the start of the year has also been marred by steep stock-market losses spurred in part by concerns over slowing Chinese growth.
China reported data on its official reserves to the IMF for the first time in September in an effort to speed up the inclusion of the yuan in its basket of reserve currencies -- a move that was approved by the IMF executive board in December. The yuan will be included in the Special Drawing Rights basket of reserve currencies starting in October, alongside the dollar, the euro, the Japanese yen, and the British pound.
To contact the reporter on this story: Jana Randow in Washington D.C. at jrandow@bloomberg.net. To contact the editors responsible for this story: Carlos Torres at ctorres2@bloomberg.net, Alister Bull
By: Jana Randow
©2016 Bloomberg News
The International Monetary Fund said it will start identifying the yuan in its official foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term reserves database starting in October, advancing China’s push for a bigger international role of its currency, which is also known as the renminbi.
The listing will enable IMF members “to record as official reserves their holdings of renminbi-denominated external assets that are readily available for meeting balance of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term financing needs,” the Washington-based lender said Friday in a statement.
The change will be reflected in the IMF’s fourth-quarter survey on the currency composition of official foreign-exchange reserves, known as Cofer, that covers a total of 96 countries. That survey will be published at the end of March, 2017.
China is seeking a more prominent role in the global economy and showcased its stature when it hosted a meeting of the Group of 20 last month. However, the start of the year has also been marred by steep stock-market losses spurred in part by concerns over slowing Chinese growth.
China reported data on its official reserves to the IMF for the first time in September in an effort to speed up the inclusion of the yuan in its basket of reserve currencies -- a move that was approved by the IMF executive board in December. The yuan will be included in the Special Drawing Rights basket of reserve currencies starting in October, alongside the dollar, the euro, the Japanese yen, and the British pound.
To contact the reporter on this story: Jana Randow in Washington D.C. at jrandow@bloomberg.net. To contact the editors responsible for this story: Carlos Torres at ctorres2@bloomberg.net, Alister Bull
By: Jana Randow
©2016 Bloomberg News