Cette inclusion a été confirmée il y a peu par Lagarde et le FMI. le yuan va rejoindre les 4 monnaies qui composent les  SDR: dollar, euro, livre, yen.

Christine Lagarde and the IMF Executive Board recently announced their intention to include the Chinese renminbi (RMB) in the Special Drawing Rights’ (SDR) valuation formula.  This would bring the Chinese currency into an exclusive group – alongside the US dollar, the euro, the British pound and the Japanese yen – of 5 global currencies that make up the IMF’s own reserve currency.

Quelle signification cela a-t-il pour le Yuan et la Chine?

So, what will this promotion really mean for the yuan?

In market terms, not a whole lot it would seem.

En fait cela n’a pas beaucoup d’importance

The inclusion of the RMB in the SDR basket will not significantly increase demand for the currency. It is simply an acknowledgment that the Chinese currency has fulfilled two of the IMF criteria for inclusion; that it was “widely used” and that it was “freely usable”.

La demande de Yuan ne sera pas profondément modifiée, tout ce que cela veut dire, c’est que le Yuan est largement utilisé et qu’il est convertible.

“The reason for there to be little effect is just that reserve currencies, SDRs, even central bank foreign exchange reserves, just aren’t all that important these days. There’ll be a little more demand for yuan than there otherwise would have been…”  Tim Worstall, Forbes

C’est une victoire symbolique, un succès de relations publiques pour les dirigeants chinois. C’est une sorte de reconnaissance du statut international de la Chine

The decision is, however, a significant PR win for the Chinese leadership, both domestically and internationally, who have made their inclusion in the SDR one of their biggest fiscal priorities of the next 5 years.  As Masahiko Takeda, writing for Chinese Spectator put it:

“It is clearly a symbolic victory in China’s efforts to raise its status in the international financial community, commensurate with its growing importance in the global economy”.

It should be noted that inclusion in the SDR is very different from increasing China’s share in the IMF quota, which has also long been pending. The IMF’s quota represents the member country’s voice in the decision making at the IMF and is closely linked to the country’s influence over the IMF.

La vraie chose importante serait la hausse de la part de la Chine dans les quotas du FMI. Une hausse lui donnerait plus de voix et donc de pouvoir au sein  de l’institution lors des prises de décision.

 

In a statement, the People’s Bank of China thanked the IMF for the recommendation and said it was “an acknowledgment of the progress in China’s recent economic development, reform and opening up”.

La banque nationale de Chine a salué cette promotion qui récompense les réformes entreprises.

Sources:

IMF’s Addition Of China’s Renminbi To SDR Basket Won’t Make Much Difference – Forbes
Is RMB in the SDR a blessing for China? – China Spectator