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An introduction to the prospect of the Chinese RMB as a reserve currency

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The article announces that in October of 2016, the Chinese renminbi had been chosen to be included in the SDRs of the International Monetary Fund. A reserve currency is select currencies that have special drawing rights. It discussed some of the impending change had on including the Chinese RMB as a select currency. The first point the author makes is how the first currency of the British pound in 1899. How the British Pound had a much greater share of known foreign exchange holdings than the American dollar. By the second World War, the British Pound lost its supremacy, due to the decline of the United Kingdom’s economy, loss of territory and military power.

By 1945 the US dollar became the most important currency. It led the creation of the Bretton Woods system of fixed exchange rates, regarding the U.S. dollar, which was implemented. The article adds, even though this system ended around 1971, there is still the use of USA dollars for a reserve currency. The second point the article makes is how on October 1, 2016, the renminbi announced it will join the ranks of those currencies that are designated reserve currencies. Although SDR is not a currency, any IMF member country has the right to

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