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UK to back yuan joining IMF basket
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BRITAIN will support the internationalization of the yuan and strengthen financial ties with China despite the recent volatility in the Chinese stock market, Lord Mayor of the City of London Alan Yarrow said ahead of his trip to China on Wednesday.
Yarrow, who will lead a business delegation on a 10-day trip to China, suggested the recent fluctuations in the yuan exchange rate and the stock market in China were only a “maturity problem” as the country seeks a balance. He added Britain will fully support the yuan joining the International Monetary Fund’s currency basket known as the Special Drawing Rights.
“Volatility is no surprise to us whereas the exchange rate fluctuation is one of the features of a market currency,” Yarrow said during a recent briefing in London ahead of his trip for China.
“The world needs another reserve currency, and we think we need the yuan.”
Yarrow, who oversees the City of London financial area, said China’s recent financial reforms such as fixing the yuan’s exchange rate closer to market forces is necessary to internationalize the currency.
Yarrow’s trip also includes renewing a Memorandum of Understanding between the City of London and Shanghai to boost institutional cooperation to help Shanghai become a global financial center. He will also participate in a maritime forum in Shanghai.
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