China begins G-20 leadership with ideas to reduce dollar's role


By Enda Curran
Bloomberg News
Sunday, December 6, 2015

As China takes the reins of the Group of 20 for the coming year, the first indications are emerging of its agenda.

Among the priorities: making the global system more resilient to shocks and, perhaps, less reliant on the U.S. dollar. China is setting up a working group led by South Korea and France to develop proposals, including on ways to strengthen the role of the International Monetary Fund's reserve-currency unit, which is set to incorporate China’s yuan as a component next year.

China also wants a discussion around whether some commodities should be priced in the IMF's reserve currency, known as Special Drawing Right or SDR, according to a European official involved in the G-20 talks.

Notably absent from a senior role so far is the United States, owner of what's still the world's dominant currency. China's leadership has for years sought to strengthen the international use of the yuan and encourage debate about lessening reliance on the dollar. ...

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