China SDR lobbying unveiled by Wikileaks
Tuesday 30 November 2010 - by Will Henley
US diplomatic cables leaked on Tuesday by the Wikileaks website reveal Chinese lobbying efforts to ensure the renminbi is included as one element in a new "alternative reserve currency".
"Mentioning that the RMB could compose two percent of the SDR value, XXXXXXXXXXXX noted that this was more of a symbolic than practical change."
The senior Chinese official also insisted that its government had no intention of destabilising the dollar or the wider financial system.
"Expounding on this last topic, XXXXXXXXXXXX stated that a stable US dollar was good for China, and Beijing had no interest in 'destabilising the system'."
The IMF earlier this month said it would not include
the Chinese currency within the Special Drawing Right basket of currencies.
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