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STORY: IMF / CHINA YUAN LAGARDE
TRT: 2:13
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/NATS
DATELINE: 30 NOVEMBER, 2015, WASHINGTON, DC – FILE
FILE – WASHINGTON, DC
1. Exterior, wide shot, International Monetary Fund (IMF)
2. Close-up, International Monetary Fund (IMF) logo
30 NOVEMBER 2015, WASHINGTON, DC
3. Wide shot Lagarde walks to podium
4. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“The Renminbi’s inclusion is clearly an important milestone in a journey that has begun months if not years ago, a journey which is a transition towards more market-driven principle of the macroeconomic framework of China. It’s a milestone in a journey that will continue indeed and will include certainly more reforms that will add to the existing reforms that have been decided by the Chinese authorities in the last few months.”
5. Med shot, journalists
6. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“We also believe that in addition to being a milestone in a journey, it’s also going to strengthen the Special Drawing Right as this currency of currencies because the basket will now include those five currencies , the U.S. dollar, the euro, the yen, the British pound and the renminbi and it will clearly better represent the international community based on those two criterion of trade and a freely usable currency.”
7. Med shot, journalists
8. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“The addition and the inclusion of the renminbi in the SDR basket of currencies is a recognition of the significant reforms that have been conducted, of the significant opening up of the Chinese economy, of the financial, more market driven principles that are being used by the Chinese authorities going forward.”
9. Close-up, journalists
10. Med shot, Lagarde leaves podium and stage
The Executive Board of the International Monetary Fund has moved to include the Chinese renminbi, in the basket of currencies that make up its currency, the Special Drawing Right (SDR).
The International Monetary Fund’s (IMF) Managing Director, Christine Lagarde said today (30 Nov) in Washington, DC, “The Renminbi’s inclusion is an important milestone in a journey that has begun months if not years ago. A journey that is a transition to more market-driven principles of the macroeconomic framework of China, it is a milestone in a journey that will continue indeed and will include certainly more reforms that will add to the existing reforms that have been decided by the Chinese authorities in the last few months.”
The Board decided that the renminbi, also known as the yuan, met all existing criteria including that the currencies are used by members whose exports have the largest value over a five-year period and are determined by the IMF to be ‘freely usable.’
The decision will become effective on October 1, 2016 to provide sufficient lead time for the IMF, its members and other SDR users to adjust to the changes.
“We also believe that in addition to being a milestone in a journey, it’s also going to strengthen the Special Drawing Right as this currency of currencies because the basket will now include those five currencies, the U.S. dollar, the euro, the yen, the British pound and the renminbi and it will clearly better represent the international community based on those two criterion of trade and a freely usable currency,” Lagarde said.
In addition to enjoying a role as a supplementary reserve asset, SDRs are used for loans to countries that have programs with the IMF.
“The addition and inclusion of the renminbi in the SDR basket of currencies is a recognition of the significant reforms that have been conducted, of the significant opening up of the Chinese economy, of the financial more market driven principles that are being used by the Chinese authorities going forward,” Lagarde said.
The composition of the SDR basket is typically reviewed every five years by the Executive Board to enhance the attractiveness of the SDR as a reserve asset.
