This is Big-Big! IMF Says New Reserve Currency Which Currency to be Named Will Surprise You (Video)

(Before It's News)

30 Nov 15

Revelation 6 manifesting? Central banks are preparing! U.S. dollar going down, folks! The American dollar isbeing REPLACED! Look out September 2016, SERIOUSLY!

IMF Move Would Pressure China on Management of Yuan

International Monetary Fund expected to name yuan as a reserve currency

BEIJING—The International Monetary Fund is on the verge of labeling China’s yuan a reserve currency. Now Chinese officials will have to prove they can treat it like one.

The IMF on Monday is widely expected to say that next year, it will add the yuan to the elite basket of currencies that comprise its lending reserves, a status enjoyed only by the U.S. dollar, the euro, the British pound and the Japanese yen. The inclusion would represent recognition that the yuan’s status is rising along with China’s place in global finance.

Now comes the hard part. The inclusion puts new pressure on Beijing to change everything from how it manages the yuan, also known as renminbi, to how it communicates with investors and the world. China’s pledges to loosen its tight grip on the currency’s value and open its financial system will come under new scrutiny.

“We will have to build up confidence in renminbi assets from investors both at home and abroad and at the same time, prevent the financial risks associated with a more global currency,” said Sheng Songcheng, head of the survey and statistics department at the People’s Bank of China, the country’s central bank. “That calls for carrying out various financial reforms in a coordinated way.”

Inclusion would also put pressure on the central bank to offer the same degree of clarity and transparency that the U.S. Federal Reserve, the European Central Bank and other vital institutions strive for. That could be difficult: In the past six months alone, the PBOC shocked markets with a surprise currency devaluation, stood mostly silent during a Chinese stock-market rout and confused investors by issuing a new proclamation that turned out to be months old. READ MORE

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