As China pushes to get the yuan included in the IMF's basket of global currencies, U.S. Treasury Secretary Jack Lew spoke out against it only a day after his visit to Beijing. Full Story: The renminbi isn't ready for the IMF's global currency basket. At least, that's the message from U.S. Treasury Secretary Jack Lew speaking in San Francisco on his way back from a visit to Beijing. [Jack Lew, U.S. Secretary of the Treasury]: "While further liberalization and reform are needed for the RMB to meet the standards, we encourage the process of completing the necessary reforms and qualifying would reflect important progress." China is lobbying for the inclusion of the yuan in the IMF's special drawing rights basket with hopes that it will help open its capital markets. The joining criteria for the IMF's reserve asset are that a currency is used heavily in international trade as well as be freely - but not necessarily fully - convertible. It's currently reviewing the composition of t... ( More) | 
No comments:
Post a Comment