China's premier asks IMF to include yuan in SDR basket

Section:

By Ben Blanchard
Reuters
Monday, March 23, 2015

BEIJING -- Chinese Premier Li Keqiang has asked the head of the International Monetary Fund to include China's yuan currency in its special drawing rights basket, state news agency Xinhua said.

"China will speed up the basic convertibility of yuan on the capital account and provide more facility for domestic individual cross-border investment and foreign institutional investment in China's capital market," Xinhua paraphrased Li as telling IMF Managing Director Christine Lagarde, in a report late Monday.

Li added that "China hoped to, through the SDR, play an active role in the international cooperation to maintain financial stability and promote the further opening of China's capital market and financial area," the report said. ...

China's yuan at some point would be incorporated in the SDR currency basket, Lagarde said on Friday. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/03/24/us-china-imf-idUSKBN0MK0522015...



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