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Yuan may be included in basket of SDRs: Russian expert
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08:25, April 10, 2009

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The Chinese yuan will probably be included in the basket of the IMF's Special Drawing Rights, a Russian expert said Thursday.

Vladislav Inozemtsev, founder and science director of the center for Post-Industrial Researches, said in an interview with Xinhua that the economic power of China can help its currency join the SDRs.

SDRs are a basket of major currencies used in international trade and finance. Currencies in the basket now include the U.S. dollar, the euro, the Japanese yen and the pound sterling.

Although the yuan cannot become a dominant currency in the SDRs in the short term, its quota may be compared with that of the yen in the future, Inozemtsev said.

He also welcomed China's pledge at the recent G20 summit in London of an injection of 40 billion U.S. dollars into the IMF fund.

Inozemtsev said that the focus of the next G20 summit would shift from anti-crisis measures to strategic planning for the post-crisis era.

China's role in the global economy will continue to be solidified and strengthened, the expert said, adding that the stance of the Chinese government on the next summit will be pivotal, too.

We must listen to what China says, Inozemtsev said.

"In my opinion, what the Chinese leadership thinks deserves expectations. I hope they could continue to bring about positive, constructive measures concerning the reform (of the international financial architecture)," he said.

Source: Xinhua



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