The Chinese currency Yuan entered a new phase in its journey to become more important to the world economy: starting on Saturday the Yuan is officially a member of the International Monetary Fund’s basket of global reserve currencies. Together, this group of currencies, known as Special Drawing Rights (SDR), forms a kind of pseudo-currency—used only by the IMF—to supplement countries’ official reserves.
Chinese central bank governor Zhou Xiaochuan has accused speculative forces of targeting the country's currency, the Yuan, and argued there was no reason for the Yuan to keep depreciating in value and that China would not let international speculators dominate market sentiment.
The Argentine Central Bank foreign reserves would be bolstered this year with up to 800 million dollars in Yuans transferred by China due to the first tranche of the money of the swap agreement signed between both countries, according to banking sources in Buenos Aires.
Argentina's central bank chief, Juan Carlos Fabrega, met his Chinese counterpart Zhou Xiaochuan in Basilea, Switzerland on Sunday to discuss how a currency swap worth billions of dollars will be put into action, the Argentine monetary authority said.
China’s outgoing leader has warned corruption could destroy the Communist Party but stepped up plans to double the size of the economy and build a powerful maritime force. President Hu Jintao unveiled an ambitious target to double per-capita incomes and implied the economy would achieve annual growth of about 7% over the next eight years.
The new leadership of the IMF should reflect changes in the world economic order and be more representative of emerging market economies, People’s Bank of China Governor Zhou Xiaochuan said on Thursday.
China, the top holder of U.S. Treasury bonds, urged the United States Tuesday to adopt responsible measures after ratings agency Standard & Poor's cut the outlook on U.S. sovereign debt to negative.
China raised banks' required reserves for the fourth time this year, extending the fight against excessive liquidity and stubbornly high inflation in the world's second-largest economy.
China’s central bank raised reserve requirements for lenders 10 days after boosting interest rates as Premier Wen Jiabao tackles accelerating inflation and the risk of asset bubbles in the fastest-growing major economy.