RMB Join in SDR, Tungsten Market Expected to Get Better
- Details
- Category: Tungsten's News
- Published on Friday, 18 December 2015 15:53
On November 30th, International Monetary Fund (IMF) announced that the board approved RMB join in special drawing rights (SDR). And the new currency basket will take effect on October 1st 2016. At the same time, IMF will accordingly re-adjust the weights of currency basket. There are the re-adjusted weights of different currency basket: dollar accounted for 41.73%, Euro accounted for 10.92%, RMB accounted for 10.92%, yen accounted for 8.33%, and pound accounted for 8.09%.
Joining into SDR for China market integrate in global financial architecture is an importance step. On the other hand, IMF approved RMB to join SDR also indicated that IMF recognition and attention the achievement that these past year China has done in currency reform, financial system reform and other economic reform. RMB join into SDR not only increase the workability of RMB for investors, but also it is good for reduce the wights of dollar as the global reserve currency to accelerate RMB internationalization process. To accelerate RMB internationalization process can improve China import and export, trade, travel and other industry development. What’ more for depressed tungsten market has some extent relieved.
RMB join into SDR means RMB will be as currency of settlement. RMB as currency of settlement will improve China tungsten import and export market development. Because firstly, joining SDR, RMB as an international currency can as medium in international transaction which will reduce transaction chain, save transaction times, improving transaction efficiency. Secondly RMB as international currency not only improve the international standing of RMB, but also it will help RMB slow appreciation which is good for import and export trade. Last but not least, RMB join into SDR make RMB exchange rate more stable.
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