China's Arrival and India's Climb in the Global Economy: Paris and Beyond

摘要

The International Monetary Fund (IMF) designated the Chinese currency renminbi, also known as yuan, as a global currency. This represents a watershed for the Chinese economy, whereby the renminbi will join the dollar, the euro, the pound, and the yen, as a Global Reserve Currency and a unit of accounting in determining the value of Special Drawing Rights (SDR). The weight of the Chinese renminbi will be 11%, behind 42% for the U.S. dollar, and 31% for the euro, and ahead of the Japanese yen and British pound, representing 8% each. This development signifies the Chinese arrival as a major economic power behind that of the United States.