Zhongxin Finance, May 15. According to the People's Bank of China, on May 11, 2022, the Executive Board of the International Monetary Fund completed the review of the value of the Special Drawing Rights (SDR) every five years, and the weight of the RMB will be increased from 10.92%. Raised to 12.28%.
This is the first review since the yuan became an SDR basket currency in 2016.
The Executive Board unanimously decided to maintain the existing SDR basket currency composition unchanged, that is, still composed of the US dollar, the euro, the RMB, the Japanese yen and the British pound, and to increase the weight of the RMB from 10.92% to 12.28% (an increase of 1.36 percentage points), The weight of the US dollar was raised from 41.73% to 43.38%, while the weight of the euro, yen and pound was lowered from 30.93%, 8.33% and 8.09% to 29.31%, 7.59% and 7.44% respectively, and the weight of the RMB remained in third place.
The Executive Board decided that the new SDR currency basket will take effect on August 1 this year, and the next SDR valuation review will be carried out in 2027.
The central bank said that China's confidence and will in reform and opening up will not be shaken, and it will always adhere to expanding a high level of opening up.
In the next stage, the People's Bank of China, together with various financial management departments, will continue to unswervingly promote the reform and opening up of China's financial market, further simplify the procedures for foreign investors to enter the Chinese market, enrich the types of investable assets, and improve data disclosure. Improve the business environment, extend the trading hours of the inter-bank foreign exchange market, continuously improve the convenience of investing in the Chinese market, and create a more favorable environment for foreign investors and international institutions to invest in the Chinese market.
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