The Chinese yuan’s share of the International Monetary Fund’s Special Drawing Rights has risen
BEIJING, May 15, 2022 (Xinhua) The People’s Bank of China (the central bank) announced on its official website Sunday that the Chinese yuan’s share in the International Monetary Fund’s Special Drawing Rights basket rose from 10.92 percent to 12.28 percent.
The SDR is an international reserve asset supplementary to the official reserves of IMF members, which can be exchanged between governments for freely usable currencies in times of need.
In 2016, the International Monetary Fund included the yuan in its basket of Special Drawing Rights as the fifth currency, along with the US dollar, the euro, the Japanese yen, and the British pound.
At present, the Chinese yuan ranks third in terms of weight in the SDR basket, after the US dollar and the euro.
The new SDR basket will come into effect on August 1 this year, according to the People’s Bank of China.
The bank said China will continue to push forward the reform and opening up of the financial market, in order to create a better environment for overseas investors.