IMF continues to work to bring "Yuan" of its currency to a basket

14-06-2015 09:00 AM

An official at the International Monetary Fund, said on Saturday, a team from the fund is visiting China, in the context of a review conducted on the possibility of inclusion of the Chinese yuan to its currency basket, pointing out that a review of the fund basket SDR 'ongoing technical work is still at an early stage'.

According to the agency 'Reuters' official has sent a message via e-mail, which explained that the visit to China comes in the review carried out by a team from the Fund to hold substantive discussions framework.

Beijing is seeking to bring the yuan to the SDR basket, which may enhance placed in the global financial system, and is an important step in the emergence of Beijing as a world power.

The Director General of the International Monetary Fund, Christine Lagarde, has said that annexation of the yuan to the unit of account of the Fund: 'What is only a matter of time', although US officials said that the currency is not yet ready to join.

Beijing strongly controls the movement of the yuan and impose strong restrictions on capital, but is seeking to increase the use of its currency in trade and investment, in the framework of a long-term strategic goal to reduce dependence on the dollar.

Accuse adult trade partners of China, led by the United States, two decades ago, Beijing cut the price of its currency deliberately in order to facilitate the export of their goods and justify the gap occurring in the massive trade deficit with the Asian country giant, which occupies first place in the manufactured products, and its partners Westerners.

The US Treasury Department has been welcomed in the middle of the month of April / April the past, what he saw as 'real progress' in improving China's exchange rate, but insisted that the yuan is still undervalued 'significantly', however, Washington refrained from Beijing accusation prices of manipulating its currency. A similar accusation that paves the way for the imposition of trade sanctions on China.

China looks forward to the inclusion of the yuan soon in currencies that make up the Special Drawing Rights of the International Monetary Fund, the dollar and the euro and the pound sterling and the Japanese yen basket.

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