Freedom : May 29, 2015 G7 agrees to have yuan in IMF’s major league
PUBLISHED : Saturday, 30 May, 2015, 12:19am
UPDATED : Saturday, 30 May, 2015, 12:20am
The yen traded at a 13-year low against the US dollar on Friday. Photo: AFP
Finance chiefs from the Group of Seven leading industrialised nations agreed on Friday that including the yuan in the International Monetary Fund's currency basket is desirable, but a technical review must be completed first.
The inclusion of the yuan as part of the IMF's unit of account would mark another stage in China's rise as a global economic player, requiring the United States to accept a dilution of its power in international finance.
German Finance Minister Wolfgang Schaeuble, who hosted the G7 meeting in Dresden, said the finance chiefs discussed the possible inclusion of the yuan in the basket of currencies that makes up the IMF's special drawing rights.
The SDR is a virtual currency that defines the value of IMF reserves, used for lending to countries in financial difficulty.
"We were completely agreed that it is desirable in principle, that the technical conditions must be examined, but there are no politically divergent views on this," Schaeuble said.
The yuan is already the world's fifth most-used trade currency. Beijing has made strides this year in introducing the infrastructure needed to float it freely on global capital markets.
Japanese Finance Minister Taro Aso said he welcomed China's intention to reform the yuan and that progress on liberalising China's capital market should pave the way for the yuan to satisfy the IMF's criteria as global currency.
Including the yuan in the IMF basket would increase China's influence at the IMF - an institution Washington was instrumental in designing and through which it has projected "soft power" for the past 70 years.
China would be the first emerging-market currency to join the basket that comprises the US dollar, euro, yen and pound sterling. But Schaeuble played down the chances of China being given the approval this year.
"Whether the renminbi will be included in autumn already is a decision the IMF must make. It seems a bit optimistic to me," Schaeuble said. "There is still a series of technical questions to be clarified and not just technical questions."
The onshore yuan strengthened to a one-week high of 6.1985 to the dollar on Friday with traders saying a correction in the Chinese stock market and a recovery in the euro had hurt the dollar. But the dollar was trading at a 13-year high against the yen on Friday.
For the whole of May, the onshore yuan traded in a stable range between 6.193 and 6.21 to the dollar and closed at a level stronger than the end of April's 6.2018.
G T > Freedom You beat Me To The Punch!!
Was Just going to Post this!!!
THIS IS HUGE!!!
Looks Like the Preparations of The Reform is in PLAIN SITE!!!
They’re NOT EVEN HIDING IT!!
Freedom > G T So True GT They are Bold and it's showing..Russia is the flavor of the month all of a sudden..it's all coming out in the open..China Russia Greece like a Grand Parade.
G T > Freedom Yep.....
And Don't Forget The CBI Releasing Money To The Local Banks!!!
Plus The Details of Tony's Call Today!!!
Can You Spell PREPARE FOR LANDING!!!
rrrr : Ok, Let me clarify as many of us are confused…. the Iraq Parliament Adjourns on Sunday….. Abadi has stated on numerous occasions that parliament will not adjourn until the Monetary Reform is completed.
What this means is that parliament’s job is complete…. There is nothing left to do but “PRESS THE FRIGIN BUTTON”.
The US, IMF, CBI, and Willy Wonka have all give their approval.
This Puppy is ready to go…. FUR SHUR… FUR SHUR… This RV is about to explode.
Iko Ward : IMO...10AM Iraq time. 3AM EDT our time.
Aable2: Remember folks, a positive attitude may not solve all your problems, but, it will annoy enough people to make it worth the effort!!
Rrrr: Today or tomorrow or Sunday, the moment we’ve been waiting for. This day will mark a new beginning. Unbelievable times are in store. The start of a life that the world’s never seen. It’s a time of events that will open all doors, To a Universe of Love, of abundance Galore. I feel it down deep… way down to the core. The RV’s is complete. The waiting’s no more. Unbelievable events are about to be instore.
Millionday Article quotes: "Foreign Minister Ibrahim al-Jaafari, Thursday, that the doors of investment in the Iraqi market is open to friendly countries..." "looking forward to "intensify dialogues for the implementation of the agreements signed between the two countries."
THE AGREEMENTS BETWEEN COUNTRIES -- ARE STRATEGIC FRAMEWORK AGREEMENTS.
SO KUWAIT AND IRAQ AND ISSUES ARE RESOLVED TO THE POINT OF IT SOUNDS LIKE EXCITEMENT ON BOTH SIDES.
OPEN DOORS ANNOUNCED BY IRAQ...WOW.
NOTICE THE BIG WORD OF ACTION---IMPLEMENTATION --- WHOOOPOW.
IMPLEMENTATION NORMALLY MEANS WITHIN A VERY SHORT PERIOD