China Aims To Reshape International Monetary System With SDR

On October 1, China's RMB was included in the Special Drawing Right (SDR), an international reserve asset created by the International Monetary Fund in 1969, seven years after Chinese central bank governor Zhou Xiaochuan initially voiced the idea to an unenthusiastic global audience.

But Governor Zhou has much to celebrate today, as the RMB has made significant progress in its internationalization and the push for the SDR to play a more important role in global finance has moved on forcefully.

Last month, the World Bank just issued a landmark 500 million SDR-denominated bond in the Chinese market, a first in 35 years.

That is why we'd like to share a speech made by Zhang Tao, deputy managing director at the International Monetary Fund, on this topic at the second China Finance 40-PIIE China Economic Forum yesterday in Washington, DC...

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