Rmb inclusion in SDR? It's just Esperanto

China is pushing for the renminbi to be included in the IMF’s accounting mechanism, but some suggest more financial reform is needed to raise confidence in the currency.

Rmb inclusion in SDR? It's just Esperanto
Akinari Horii

Christine Lagarde, managing director of the International Monetary Fund, has described the inclusion of the renminbi within the IMF’s internal accounting mechanism as a metter of when’, not if’.

But other than assuaging national pride, making the renminbi part of the IMF’s Special Drawing Rights SDR a unit of accounting used solely to measure IMF transactions with central banks will have no practical impact without greater Chinese reforms.

“There would...

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