Renminbi Joins International Monetary Fund’s Special Drawing Rights Basket: Rationale and Significance

Jing Wan

East Asian Policy (EAP), 2017, vol. 09, issue 03, 76-84

Abstract: After the 2008 financial crisis, the International Monetary Fund realises that reforms are needed to reduce the reliance on the US dollar as the only international reserve currency. It began to nurture super-sovereign reserve money where SDR (Special Drawing Rights) is the most favourable candidate. Joining SDR will push forward China’s exchange rate reform to meet the standard of a real international reserve currency, which requires more skilful domestic and international policy coordination.

Date: 2017
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DOI: 10.1142/S1793930517000289

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