IMF Chief Representative Is Optimistic Over RMB Internationalization, Despite Ups And Downs Ahead

Published: Apr 27, 2023 11:35

Save

Steven Barnett, Chief Representative of the International Monetary Fund (IMF) in China said that China has made substantial progress in promoting the internationalization of the RMB.

Steven Barnett, Chief Representative of the International Monetary Fund (IMF) in China said that China has made substantial progress in promoting the internationalization of the RMB. We've seen the yuan being used for trade settlements, or as a means of cross-border financial transactions. The use of all of these is increasing, and we're seeing its share grow, both in the renminbi and in international reserve assets. As China continues to open up to the outside world, we expect RMB internationalization to continue to move forward. It may not be a linear process, and there will be ups and downs ahead, but the direction is clear, and China's role and the global economy will continue to grow. I think at the same time, traders and investors around the world want to use the renminbi.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Economic Improvement of the Boumadine Polymetallic Mine in Morocco

4 hours ago

6 hours ago

Panguna Copper-Gold Mine Camp Attacked, Highlighting Security Risks to Redevelopment

The Autonomous Bougainville Government said the Lloyds Panguna Metals & Energy Limited camp at the Panguna copper-gold mine was attacked on September 13. Personnel were assaulted and machinery was damaged in an arson attack. Authorities have not disclosed the extent of injuries or equipment losses. President Ishmael Toroama condemned the incident and said the government would continue pursuing the mine’s redevelopment.

6 hours ago

NICICO Puts Iran’s Copper Ore Resources at 24.5bn Tonnes; Exploration Drilling Nears 200,000 Metres

According to Iranian media reports citing Seyed Mostafa Feiz, CEO of the National Iranian Copper Industries Company (NICICO), Iran’s geological copper ore resources rose to 24.5 billion tonnes from 22.2 billion tonnes at the start of the Iranian year, up 10.6%. Mineable (designable) reserves increased to 18.2 billion tonnes from 16.8 billion tonnes, while 198,462 metres of exploration drilling were completed in the first five months—about 40% of the 500,000-metre full-year target. At Miduk, mineable reserves rose 123% to 1.77 billion tonnes and geological resources increased 186% to 2.883 billion tonnes. The Sarcheshmeh cluster’s mineable reserves reached 7.7 billion tonnes at an average grade of 0.41%, with the mine’s operating permit extended through Iranian year 1429 (around 2050–51). Total material extracted during the period exceeded 153 million tonnes, up about 4% year on year; this figure includes sulphide ore, oxide material and waste rock, and is not copper production. The expanded resource and reserve base supports Iran’s longer-term development potential, but does not imply an immediate increase in supply.

6 hours ago