Xinhua, London :
Britain will support renminbi, the Chinese currency, to become part of the International Monetary Fund’s Special Drawing Right (SDR) basket currencies, said Lord Mayor of the City of London Alan Yarrow yesterday.
“Britain will certainly support (RMB become a SDR basket currency). We think the world needs another reserve currency, and we think we need renminbi,” Yarrow told reporters before his trip to China.
Yarrow tuned positively on China’s renminbi pricing mechanism improvement and other financial market reforms. He stressed that the currency fluctuation is one of the features of a marketized currency, and during the process of reforms, clarity and transparency of economic information is very important.
“How can you have a country which has done so many reforms in such a short period of time? All will be working at the same speed? You can’t, and there is going to be some sort of deficiency in some areas. So the transparency and analytics have to be geared up. And I think when the market feels it get a better idea of what they are, then they will have more comforts on where the currency is going to be,” said Yarrow.
Britain will support renminbi, the Chinese currency, to become part of the International Monetary Fund’s Special Drawing Right (SDR) basket currencies, said Lord Mayor of the City of London Alan Yarrow yesterday.
“Britain will certainly support (RMB become a SDR basket currency). We think the world needs another reserve currency, and we think we need renminbi,” Yarrow told reporters before his trip to China.
Yarrow tuned positively on China’s renminbi pricing mechanism improvement and other financial market reforms. He stressed that the currency fluctuation is one of the features of a marketized currency, and during the process of reforms, clarity and transparency of economic information is very important.
“How can you have a country which has done so many reforms in such a short period of time? All will be working at the same speed? You can’t, and there is going to be some sort of deficiency in some areas. So the transparency and analytics have to be geared up. And I think when the market feels it get a better idea of what they are, then they will have more comforts on where the currency is going to be,” said Yarrow.
