Review of the Method of Valuation of the SDR - Initial Considerations
July 16, 2015
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Format: Chicago
Summary
The paper takes as a starting point the conclusions of the last review in 2010 and the subsequent Board discussion of currency selection criteria in 2011. At the time of the last review, China met the gateway export criterion but the renminbi (RMB) was not included in the SDR basket as it was not judged to be freely usable, the second currency selection criterion. In light of the Board’s broad support in 2011 for the existing legal framework, and since China continues to meet the export criterion, this paper discusses building blocks relevant for a future determination on whether to include the RMB in the basket under the existing criteria.
Subject: China, Chinese yuan, Currency selection, Foreign exchange transactions, SDR interest rate basket, SDR valuation, SDR valuation basket, SDR valuation method
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