Renminbi in SDR basket will end dollar overreliance – PBoC's Jin
IMF move will trigger a reallocation of assets onshore and offshore, says PBoC representative at the HSBC China Forum
The renminbi's inclusion in the International Monetary Fund's special drawing rights (SDR) basket will reduce the global financial system's excessive reliance on the dollar and lead to more stability in the world economy, said Jin Mei, the People's Bank of China's (PBoC) chief representative for Europe at HSBC's China Forum in London today (October 11).
On October 1, the IMF officially added the renminbi to its basket of currencies that make up the SDR, paving the way for it to become a reserve
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