The IMF’s Special Drawing Rights, the yuan’s weighting, will be raised today

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In May of this year, the Executive Board of the International Monetary Fund (IMF) completed the five-year SDR valuation review and decided to maintain the existing SDR basket currency composition unchanged, that is, still composed of the US dollar, the euro, the Chinese yuan, the Japanese yen and the British pound , and raised the RMB weight from 10.92% to 12.28%. The new SDR currency basket came into effect on August 1. This is the first adjustment of the renminbi since its entry into the basket in 2016, marking a further improvement in the level of internationalization of the renminbi. Experts said that the increase in the weight of the renminbi in the SDR is conducive to consolidating the share of the renminbi’s official reserve assets, promoting institutional investors to increase their holdings of renminbi assets, and expanding the scope of the renminbi’s use in international financial transactions. (Shanghai Stock Exchange)
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