Hong Kong media: RMB weight increases China’s economic status to be recognized

Hong Kong media: RMB weight increases China’s economic status to be recognized

It was reported on May 16 that the Hong Kong "South China Morning Post" website published an article from Beijing on the 15th from Beijing, entitled "China Winning in the International Monetary Fund, increased the weight of the RMB special withdrawal authority". The excerpts are as follows: RMB has obtained a weight improvement in the evaluation of the special withdrawal rights of the International Monetary Fund once every 5 years. This is the international community’s recognition of the RMB and China’s economic status. According to a statement issued by the International Monetary Fund on the 14th, the weight of China’s currency will increase a percentage point based on the 2016 evaluation, accounting for%.

It will decide to take effect on August 1.

However, this increase is not as good as the dollar: the weight of the dollar increases a percentage point, accounting for%in currency baskets.

This indicates that the dominance of the US dollar in the international financial system in the future will still face arduous challenges.

The euro still ranks second, although the weight decreases from%to%.

The weights of the yen and the pound have also been reduced, and they are reduced to%and%, respectively.

China strives to expand the scale of RMB from overseas from trade settlement and domestic financial opening.

China’s internationalization index is still much lower than its status as the world’s second largest economy, and its dependence on the US dollar continues.

In the assessment, officials of the International Monetary Fund generally acknowledged China’s progress in the reform of the financial market, but they also called for further efforts to continue and deepen the RMB market in the shore.