Bloomberg News

Chinese President Hu Calls for Reform of IMF SDR Currency Basket

November 03, 2011

Nov. 3 (Bloomberg) -- Chinese President Hu Jintao called for reform of the international monetary system to be advanced “in a steady manner,” according to the text of remarks he made to French President Nicolas Sarkozy at a Group of 20 summit today in Cannes, France.

Measures should include changes to “expand the use of” the special drawing rights of the International Monetary Fund, “reform the SDR currency basket, and build an international reserve currency system with stable value, rule-based issuance and manageable supply,” Hu said, according to the text distributed to reporters in Cannes.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story: Alan Crawford at acrawford6@bloomberg.net


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