The Renminbi as an IMF Reserve Currency

... currency interventions and renounce control over the movement of capital. However, the unprecedented boom of China’s economy and the growing use of the renminbi in international settlements are not enough to include its national currency in the SDR basket. It turns out that the Chinese renminbi is behind the Canadian and Australian dollars (which are not in the IMF’s reserve currency basket) on a number of counts – the use by central banks as reserve currency or as borrowing currency in the capital markets, for example. According to the latest IMF data, the share of the renminbi in the structure ...