Bloomberg News

China’s Cheng Siwei Says Yuan Should Be in IMF Currency Basket

October 31, 2011

Oct. 31 (Bloomberg) -- The yuan should be included in the currency basket for the International Monetary Fund’s special drawing rights to reflect China’s economic growth, said Cheng Siwei, a former Chinese legislator.

“The renminbi should have a certain percentage in the SDR to reflect China’s economic growth in the modern monetary system,” Cheng said at a conference in New York today. “We need to make the RMB fully convertible. How can you call it a reserve currency if you can’t convert it?”

--Editors: Joshua Fellman, Greg Chang

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: Laura Zelenko at lzelenko@bloomberg.net


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