Last month China and France announced that they had agreed to form a taskforce to discuss the conditions under which the renminbi could become part of the IMF’s special drawing rights (SDR). This could have long-term implications for global currency markets. That task force will present its proposal ahead of the summit of leaders at the G20 in Cannes in November.
The development of a taskforce is important for two reasons. First, it recognizes that the world’s incumbent reserve currency, the US dollar, is no longer seen as being an unquestionable store of value.
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