In the news: RMB gets nod from IMF, CSRC vice-chairman gets investigated, Dali Foods lists in HK and foreign video imports face limits
November 17, 2015 | BY
Katherine Jo &clp articlesThis week the IMF supported making the renminbi a reserve currency, the deputy head of the CSRC was suspected of corruption, Dali Foods' IPO raised $1.5 billion and China clamped down on DVD imports
Share:
The Chinese currency is set to join the IMF's basket of reserve currencies, with the fund's staff recommending its inclusion. The decision, which has to be approved by the IMF's executive board, will help boost fund inflows into China and likely make President Xi Jinping push ahead with efforts to loosen capital controls. Standard Chartered estimates that the inclusion will help Chinese assets attract over $1 trillion in the next five years. The IMF board will meet on November 30, where political angles will come into play as well. The US has a fairly large share of the votes on the board at 17%, however, it said in late September that it supports the addition of the renminbi, providing the existing criteria are met.