China Starts Mapping Out G-20 Plan After Year of Market Turmoil
- 8 years ago
As China takes the reins of the Group of 20 for the coming year, the first indications are emerging of its agenda.
Among the priorities: making the global system more resilient to shocks and, perhaps, less reliant on the U.S. dollar.
China is setting up a working group led by South Korea and France to develop proposals, including on ways to strengthen the role of the International Monetary Fund’s reserve-currency unit, which is set to incorporate China’s yuan as a component next year.
China also wants a discussion around whether some commodities should be priced in the IMF’s reserve currency, known as Special Drawing Right or SDR, according to a European official involved in the G-20 talks.
Notably absent from a senior role so far is the U.S., owner of what’s still the world’s dominant currency.
Among the priorities: making the global system more resilient to shocks and, perhaps, less reliant on the U.S. dollar.
China is setting up a working group led by South Korea and France to develop proposals, including on ways to strengthen the role of the International Monetary Fund’s reserve-currency unit, which is set to incorporate China’s yuan as a component next year.
China also wants a discussion around whether some commodities should be priced in the IMF’s reserve currency, known as Special Drawing Right or SDR, according to a European official involved in the G-20 talks.
Notably absent from a senior role so far is the U.S., owner of what’s still the world’s dominant currency.