but expressed a verbal support

[5ywen009]

into the SDR currency basket the yuan, to promote the internationalization of the RMB is not meaningful, and IMF adjustment of the currency basket to the end of the weight, according to the rules of the first trial five years, the RMB is not likely to joining SDR in the near future on the agenda
at the But the meeting did not like the host country prior French President Nicolas Sarkozy called for discussion of SDR as a timetable for yuan to absorb, and change the SDR currency basket composed of seemingly difficult to promote the internationalization of RMB,casque dr dre, in essence, the process of changing the U.S. over-reliance on international monetary system.
U.S. Treasury secretary in a small media interviews after the meeting on the economies in the world economic balance of the composition of both the change occurred.
SDR limitations

While Geithner's statement is largely designed to maintain the current U.S. led international monetary system SDR and sovereignty of the national currency but the difference to see, not without reason.
SDR is a reserve asset created by IMF and the unit of account. Member States in the event of balance of payments deficit, the IMF can use it to the other Member States in exchange for a specified foreign currency, to pay the balance of payments deficit or repayment of IMF loans,beats by dre, but also with gold, as a freely convertible currency as international reserves.
Cao Yuan Zheng, chief economist at the Bank of China (column) told the clearing standards, is not Valuation tools, there is no market available for investment, balance of payments crisis is only the rescue means. If not a crisis, SDR is largely meaningless.
the creation of more than 40 years, SDR applications is limited, only in the IMF and national governments to play a role, any private business may not hold, and the use of SDR, not directly to the use or non-trade payments. SDR scale currently only 8% of global reserves, reserve currency,beats by dre, the dollar accounted for over 60% of the total.
SDR is not a major reform of the international monetary system, a breakthrough, .
China's cautious stance before and after the seminar, but also from the side of policy-makers to disclose the views of the SDR. According to the Chinese Ministry of Foreign Affairs statement before the meeting is sponsored by France, China, only provide a venue. French Embassy on March 29 showed the message to reporters, according to the Chinese side informed the meeting removed the name of
the People's Bank of China Governor Zhou Xiaochuan (column) said during the meeting, China is not eager to push the yuan to join SDR, with the RMB in the international and increasingly accepted,casque beats, sooner or later would join the SDR.
Cao Yuan Zheng said that the internationalization of the RMB to solve three problems: One is to allow the yuan-denominated commitments in international trade and settlement functions; the other is allowed to become the main tool of investment; The third is to give RMB value of the commitment function, allowed extensive private enterprises enter other countries and the government's balance sheet.
allow the yuan to become the investment tool, it is China's current monetary policy makers to the main direction.
to hold the seminar before and after a series of HKEx promote the activities of offshore yuan trading center for road shows, testing covers yuan fund transfer, the RMB-denominated securities traded for other content. April 1, the day after end of the seminar, Cheung Kong's Beijing Oriental Plaza spin-off of RMB listed REITs (Real Estate Trust Fund) Yin REIT exchange approved by the Securities and Futures Commission of Hong Kong,casque beats, became the first IPO of RMB-denominated products. Since last July,
addition to the established international program for the renminbi to join the western limits set by SDR,开发商前十月赚足全年口粮_国内财经, SDR Dankan also offer the Chinese an important reason.
Geithner on the RMB convertibility and have been moving in the direction freely floating exchange rate, but the process of joining SDR, depending on China's exchange rate formation mechanism reform process. He also said, free flow of financial capital is the U.S. and British interests, but also other countries, including China's macro-economic stability of the soft underbelly of China can not now open to accept the free movement of capital. Monetary Policy Committee Xia Bin (microblogging) is also clear that the convertibility of the RMB should be a gradual reform, the reform process, China should be proper control of capital flows, the asymmetric behavior against the dollar, countries should agree to strengthen supervision of cross-border capital flows and maintain exchange rate stability of major currencies.
In addition, the political environment, budgets, spending levels, tax burden and deficit have on monetary policy, currency market conditions and interest rates exert a significant influence, not passive acceptance of monetary policy in the executive branch,鸡蛋保质期缩短, but the monetary policy decision-making often caused by administrative departments the impact of adjustment, in any case 'independent' central bankers are very difficult to completely escape the political leaders of the sphere of influence. to a large extent with the United States and Europe on the current international monetary system, closely related to the different views.
euro is the current international monetary system, most likely to challenge U.S. dominance of the currency. But the sovereign debt crisis still threatens the survival of the euro, while the Federal Reserve on November 3 last year, launched the second round of the quantitative easing policy, the euro higher against the dollar all the way, has seriously affected the prospects for economic recovery in euro-zone countries.
the seminar,dre beats, questioned Sarkozy's recent euro and the yen's sharp appreciation against the dollar. He said the current floating exchange rate of the euro area or Japan is not a true reflection of economic fundamentals,
the plight of the euro zone is called SDR France actively absorb the background of the renminbi. The latest U.S. government data show that China now has 2.8 trillion U.S. dollars of the huge foreign exchange reserves, of which 1.6 trillion U.S. dollars for the purchase of U.S. Treasury bonds, supporting the U.S. dollar led the existing international monetary system.
3 8, French Finance Minister Lagarde in Paris to accept the Most of China's foreign exchange reserves to invest in a centralized control over their own not a single dollar market, there is great risk. As for the rest of the world countries, China's accession to SDR, means the appreciation of the RMB will be other currencies of other countries is a win-win choice.
Geithner's view is not the same,casque beats, he said during the seminar,July CPI will peak in the year _ is the macroeconomic, the Chinese from the existing international monetary system, trade system,beats by dre, benefit the economy; China over the past 30 years China depends on the wealth accumulated in the effective use of this stable and growing trade and investment liberalization as the monetary system; p> Geithner joined the RMB does not openly oppose the idea of ​​SDR, but expressed a verbal support, but he stressed that China's exchange rate formation mechanism and the SDR requirements of currency convertibility and the conflict between free floating exchange rate.
the European Central Bank, Senior Information Officer Lelifude (William Lelieveld) on critical to sustain as a reserve asset of the SDR. Therefore, the responsible management of a currency, and the unrestricted into the international monetary, financial system, is extended to consider when SDR currency basket of the key factors.
this, France's reaction is interesting.
Lagarde acknowledged convertibility and the central bank independence from conditions such as speaking, the RMB is not qualified to join the qualifications of SDR basket currencies. Economic Analysis of the French Prime Minister Jacques Meath Committee Castro (Jacques Mistral) that the U.S. short term the RMB convertible impractical. In his view, China's monetary policy-makers on the volatility of capital flows led to hold a very cautious approach, to achieve free convertibility of the RMB will be a long process, but the evolution of SDR can precede this process, for example, can now discuss International trade of raw materials to consider using SDR settlement.
Miss Castro's position reflects the French are eager to win over China, U.S. to change the current dominance of the international monetary system, the idea of ​​the situation.
However, the idea of ​​Miss Castro, if he wished it would be difficult to achieve as quickly. IMF in November last year, adjusted the SDR currency basket weight of money, but did not increase any new including renminbi currency.
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