Kazakhstan may add yuan to reserves
Source: Bloomberg News |
May 11, 2011, Wednesday
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Print Edition
Print Edition
KAZAKHSTAN'S central bank may add the yuan to its international reserves as the Chinese currency bolsters its status in trade and global finance, its Chairman Grigori Marchenko said.
The former Soviet Union's second-biggest energy producer may allocate part of its holdings in the yuan as it becomes fully convertible and emerges as a reserve currency, Marchenko said in Almaty yesterday, adding some of the necessary changes will be done this year.
China, the world's largest exporter, ended an almost two-year currency peg to the dollar in June. The International Monetary Fund said in November that the yuan didn't meet the "freely usable" criteria required for inclusion in its Special Drawing Rights valuation basket made up of the dollar, euro, yen and pound.
"If the IMF recognizes the yuan as a reserve currency and includes it in the SDR basket, there may be quite big inflow of dollars into yuan," Marchenko said. "The issue is under discussion between the IMF and China and I hope that it will be solved this year."
Marchenko is the second Asian central banker to advocate diversifying foreign exchange reserves into yuan assets.
Philippine central bank Governor Amando Tetangco said on April 12 that Asia's central banks want to invest in yuan-denominated debt issued by the Chinese government and urged policy makers there to issue more sovereign bonds.
The yuan is close to being freely usable, the People's Bank of China Vice Governor Yi Gang said on April 17.
Group of 20 officials said after an April 15 meeting that they would study broadening the composition of the SDR.
The former Soviet Union's second-biggest energy producer may allocate part of its holdings in the yuan as it becomes fully convertible and emerges as a reserve currency, Marchenko said in Almaty yesterday, adding some of the necessary changes will be done this year.
China, the world's largest exporter, ended an almost two-year currency peg to the dollar in June. The International Monetary Fund said in November that the yuan didn't meet the "freely usable" criteria required for inclusion in its Special Drawing Rights valuation basket made up of the dollar, euro, yen and pound.
"If the IMF recognizes the yuan as a reserve currency and includes it in the SDR basket, there may be quite big inflow of dollars into yuan," Marchenko said. "The issue is under discussion between the IMF and China and I hope that it will be solved this year."
Marchenko is the second Asian central banker to advocate diversifying foreign exchange reserves into yuan assets.
Philippine central bank Governor Amando Tetangco said on April 12 that Asia's central banks want to invest in yuan-denominated debt issued by the Chinese government and urged policy makers there to issue more sovereign bonds.
The yuan is close to being freely usable, the People's Bank of China Vice Governor Yi Gang said on April 17.
Group of 20 officials said after an April 15 meeting that they would study broadening the composition of the SDR.
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