RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Currencies

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

Rate Captain by Rate Captain
May 18, 2022
in Currencies, Economics
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The International Monetary Fund has increased the weighting of the dollar and the Chinese yuan during its review of the currencies that make up the valuation of its Special Drawing Rights (SDR) basket, an international reserve asset.

This was disclosed in the “IMF Executive Board Concludes Quinquennial SDR Valuation Review and Determines New Currency Weights for SDR Valuation Basket”.

AlsoRead

What caused Celsius Price Skyrockets by 400%.

The mother of all economic crisis may be on its way

World Bank say CBN’s policies continues to damage Nigeria’s business environment

The new basket gives the US dollar and the Chinese yuan slightly higher weights, while the British pound, euro, and Japanese yen get lower weights.

The yuan, also known as the renminbi, was added to the basket of currencies in 2016, marking a watershed moment in Beijing’s efforts to internationalize its currency.

The updated SDR weights maintain the same ranking as the initial weights established in the 2015 assessment.

The US dollar’s weighting also increased, from 41.73% to 43.38%. Similar the weighting of the Chinese currency yuan increased from 10.92% to 12.28%.

“Directors broadly acknowledged the progress made on financial market reforms in China, while calling for additional efforts to further open and deepen the onshore renminbi market, with some Directors also stressing the need to further enhance data transparency,” IMF said

The euro’s weighting declined to 29.31% from 30.93%, the yen’s fell to 7.59% from 8.33% and the British pound fell to 7.44% from 8.09%.

The IMF said in a statement its executive board had determined the weighting based on trade and financial market developments from 2017 to 2021.
“Directors concurred that neither the COVID-19 pandemic nor advances in Fintech have had any major impact on the relative role of currencies in the SDR basket so far,” the IMF said.

The amounts of each of the five currencies will be calculated on July 29, 2022 (the transition date) following the new weights and will go into effect on August 1, 2022

IMF Directors agreed with the Managing Director’s proposal for the next SDR review to take place on a five-year basis, to be concluded before end-July 2027

Previous Post

Central African Bank pushes back on Central African Republic adoption of Bitcoin

Next Post

CBN say Nigeria would reap the benefits of a rising oil price

Related News

What caused Celsius Price Skyrockets by 400%.

What caused Celsius Price Skyrockets by 400%.

by Rate Captain
June 23, 2022
0

The struggling cryptocurrency lending and borrowing firm Celsius’ CEL token skyrocketed when a corporate shareholder proposed a rescue plan and...

The mother of all economic crisis may be on its way

The mother of all economic crisis may be on its way

by Rate Captain
June 23, 2022
0

Going by the data from the National Bureau of Statistics Nigeria’s inflation rate for the month of May stands at...

CBN governor respond to APC 100M president form

World Bank say CBN’s policies continues to damage Nigeria’s business environment

by Rate Captain
June 21, 2022
0

The World Bank has stated that the Central Bank of Nigeria’s multiple exchange rates, trade restrictions, and the financing of...

Defi protocols declined by $124 billion in 6 weeks.

Defi protocols declined by $124 billion in 6 weeks.

by Rate Captain
June 21, 2022
0

The total value locked (TVL) on ethereum, a metric that attempts to track the value of tokens deposited in a...

Next Post
CBN say Nigeria would reap the benefits of a rising oil price

CBN say Nigeria would reap the benefits of a rising oil price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

IMF says Forex premium in the black market limits the benefits of increased exports

Central Bank Digital Currencies: South Africa and Ghana to Launch Digital CBDCs

June 28, 2022
MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

June 28, 2022

Popular Story

  • Nigerian banks increase interest rates on mortgage, personal, corporate loans by at least 2%

    Nigerian banks increase interest rates on mortgage, personal, corporate loans by at least 2%

    0 shares
    Share 0 Tweet 0
  • Nigeria’s debt-to-GDP ratio hits 23.3% as debt stock rises to N41.6 trillion in Q1 2022

    0 shares
    Share 0 Tweet 0
  • Central Bank Digital Currencies: South Africa and Ghana to Launch Digital CBDCs

    0 shares
    Share 0 Tweet 0
  • Polygon gets $450 million funding to explore web 3

    0 shares
    Share 0 Tweet 0
  • Cadbury Nigeria says it faced huge challenges in sourcing US dollars for importation

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.