IMF targets formal review of Rmb by year-end

The institution said it would formally review the renminbi's bid to become one of the agency's reserve currencies.

The International Monetary Fund said it will formally review the renminbi's inclusion in its basket of reserve currencies late this year, while its staff proposed extending the current SDR basket to next year as significant preparatory work needs to be done ahead of the final decision.

“The executive board of the IMF will formally discuss the review towards the end of the year,” Siddharth Tiwari, director of the IMF’s strategy, policy and review department, said in a statement.

Such a review requires a significant amount of preparatory work before the IMF staff can make a formal recommendation of the Rmb to the agency's board,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222