Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

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

The US dollar's weighting increased from 41.73% to 43.38%.

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
May 15, 2022
in Currencies
IMF increases weight of US dollars and Chinese yuan in the SDR Basket
Share on FacebookShare on TwitterShare on Linkedin

The International Monetary Fund has increased the weighting of the United States 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 a post on its website titled, “IMF Executive Board Concludes Quinquennial SDR Valuation Review and Determines New Currency Weights for SDR Valuation Basket”.

RelatedPosts

Ghanaian cedi has lost 22% against the US dollar since the start of 2022

Exchange rate appreciates at I&E window as forex supply rises to 3-week high 

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 SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

What you should know

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 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.

Related

Tags: SDR

Leave a Reply Cancel reply

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

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari Confers GCON title on Justice Tanko, ex-CJN
    • Share price of company that filed for Bankruptcy rallies over 300% in a week
    • Nigerians react as MTN drags 18 banks to court over N22.3 billion ‘erroneous’ transfer

    Follow us on social media:

    Recent News

    Justice Ibrahim Tanko Mohammed

    Buhari Confers GCON title on Justice Tanko, ex-CJN

    June 27, 2022
    Nigerian Consumer Goods stocks have posted the best returns this year; these are the top gainers

    Share price of company that filed for Bankruptcy rallies over 300% in a week

    June 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com