Expert- RMB SDR inclusion not if but when

CNC
Added On October 26, 2015

China is pushing forward its currency, the RMB's inclusion into the IMF's SDR basket through step-up reforms.
An expert from a Canadian think tank, the Centre for International Governance Innovation (CIGI), says the joining is not a question of "whether or if," it is a question of "when".
Economy Report has his words.
SOUNDBITE (ENGLISH): DOMENICO LOMBARDI, Centre for International Governance Innovation
"This is a clearly increasingly important topic that we know that Renminbi is becoming increasingly world-wide spread and surpasses the Yen, as a widely used currency, actually the fourth most widely used currency in the international payments. 此处铺空镜 The SDR basket right now includes the U.S. dollar, Euro, and the Yen, but certainly does not include any currency from emerging economies, (but) the Renminbi is actually very close to being included, and a favorable decision is expected from the IMF. So, it is not a question of 'whether or if', it is more a question of 'when'."
Lombardi also noted that China has experienced a remarkable transformation since the 1990s, and its economic rise has led to a more active role in international monetary and financial governance.
SOUNDBITE (ENGLISH): DOMENICO LOMBARDI, Centre for International Governance Innovation
"What we have seen is that China has contributed to global economic growth substantially since the international crisis. It is critical because without an active role of China in the world economy, the world economy will certainly be much worse off, and this is the lesson that is evidently come up since the financial crisis.注意铺空镜 China is trying to improve the current international economic regime, making it more responsive to its needs, and to its policy objectiveness, we are unlikely to see China is breaking up the current system, we are unlikely to see China is tantalizing the international economic order, the steps that we have seen so far are consistent with the idea that China is trying to play a constructive role in the international system."
The International Monetary Fund's (IMF) executive board plans to discuss and decide in November whether to include the RMB into its special drawing rights (SDR) currency basket.