Even as the International Monetary Fund prepares to accept China's yuan in its basket of reserve currencies, a major diplomatic victory for Beijing's campaign to internationalise the currency, foreign companies are growing more sceptical.
Thanks to recent reforms in China and the endorsement of key European governments, including Britain during a visit by President Xi Jinping last month, the yuan looks increasingly likely to find its way into the IMF reserve basket, known as Special Drawing Rights (SDR).
The IMF seal of approval would come on top of other diplomatic coups: European endorsement of Beijing's new regional development bank, another channel for pushing the yuan outwards, and the recent announcement of a trading platform for yuan-denominated financial products in Germany.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
Thanks to recent reforms in China and the endorsement of key European governments, including Britain during a visit by President Xi Jinping last month, the yuan looks increasingly likely to find its way into the IMF reserve basket, known as Special Drawing Rights (SDR).
The IMF seal of approval would come on top of other diplomatic coups: European endorsement of Beijing's new regional development bank, another channel for pushing the yuan outwards, and the recent announcement of a trading platform for yuan-denominated financial products in Germany.
No comments:
Post a Comment