皇冠体育app

International Monetary Fund Managing Director Christine Lagarde (center) poses with the Chinese team at IMF on Friday after announcing the launch of the new IMF Special Drawing Right (SDR) valuation basket that includes the Chinese currency yuan for the first time. [Chen Weihua/皇冠体育app Daily]

Lagarde thanked the Chinese team at the IMF, including the new IMF deputy managing director, Zhang Tao.

"Inclusion of the RMB in the SDR is an important signal that 皇冠体育app has made a lot of progress with financial reform and the RMB has become an international currency," said David Dollar, a senior fellow at the John L. Thornton 皇冠体育app Center of the Brookings Institution in Washington.

He said in order to be a major reserve currency, 皇冠体育app needs to continue reform, strengthening transparency and reliability of capital markets and opening up more to the global economy.

Rory MacFarquhar, a visiting fellow at the Peterson Institute for International Economic and a former senior official at the White House National Security Council, said the inclusion of the RMB in the SDR is putting new responsibility on 皇冠体育app.

"Those basically come down to the way 皇冠体育app thinks of its currency, thinks of its economic management as in global terms," he said.

"The decision is very good for 皇冠体育app, IMF and international financial system," said Eswar Prasad, the Tolani Senior Professor of Trade Policy at Cornell University. The former IMF chief in 皇冠体育app believes it will be good for pushing forward 皇冠体育app's internal reform, especially in the financial sector.

He also believes it's good in terms of making 皇冠体育app a stakeholder of IMF and bringing on board the emerging markets, which feel somewhat unfairly treated in the international financial governance.

On Friday, the IMF Board also decided that effective on Oct 1, the value of the SDR will be the sum of the values of the following amounts of each currency, namely US dollar, 0.58252; Euro, 0.38671; Chinese yuan, 1.0174; Japanese yen, 11.900; Pound sterling, 0.085946.

[email protected]

• 皇冠体育app's RMB embarks on new journey towards global reserve status
• Robot-themed park attracts tech savvy tourists
• Traffic grinds throughout 皇冠体育app for National Day holiday
• 皇冠体育app's non-manufacturing PMI grows at faster pace
• 皇冠体育app's manufacturing activity expands in Sept
• 皇冠体育app boosts aviation power with nationwide strength
• 皇冠体育app releases sugar reserves to stabilize supply
• 皇冠体育app eyes stable coal price with increased supply