Global Banking News-December 3, 2015--New Development Bank welcomes yuan's inclusion in IMF reserve currency basket
The International Monetary Fund on Monday, as expected, admitted China's yuan into its benchmark currency basket
in a victory for Beijing's campaign for recognition as a global economic power.
Foreign central banks and asset managers are preparing to increase their exposure to yuan denominated bonds, as the IMF will probably approve the inclusion of Chinese yuan into its currency basket
in November - believes Karad Kovacs, analyist of Innovative Securities.
The last time the IMF's reserve currency basket
was modified was in the year 2000, when the euro replaced France's franc and Germany's deutschmark.
That means a stable currency basket
which we monitor monthly and make changes only where it absolutely necessary.
The Central Bank of the Russian Federation canceled the corridor of the currency basket
, as well as regular interventions at the boundaries of the corridor and beyond them, an official statement from the Bank said, TASS reports.
The minister discussed with the Deputy Executive Chairman of the Bank the possibility of introducing the Chinese Yuan and the Sudanese pound in the settlement of financial and commercial transactions between the two countries, expecting that idea to contribute to the diversification of foreign currency basket
in Sudan and to be reflected positively on the dealing with the dollar.
The new ETNs track the performance of four tactical and one strategic currency basket
The Russian rouble has hit five-year lows this week against the Central Bank's foreign currency basket
of dollars and euros -- a politically worrying trend for the Kremlin because of the accompanying rise in the cost of living.
Juckes said the dollar index, which tracks the greenback's performance against a currency basket
, could rise by 10-15% over the medium/longer term.
and the Research Institute of Industrial Economics, Sweden) discuss general trends and issues such as long-term innovation waves, economic re-polarization and financial adjustment for the euro area, EU trade negotiations with ASEAN countries, the growing financial interdependence between Europe and Asia, and the feasibility of an Asian currency basket
peg; the specific positioning of China, Japan, and India as emergent poles of economic power; and special issues such as low-carbon reformation of the Chinese economy, the economic relationship between the EU and Vietnam, and the reform and reconstruction of China's social security system.
In 2007 it shifted to trading its currency against an undisclosed currency basket
of main trading partners.