Tag Archives: yuan

Will Chinese currency swap help Egypt face dollar crisis?

by George Mikhail

Egypt is still struggling with its dollar shortage. It has sought to face the shortage through a series of decisions, the last of which entailed floating the exchange rate on Nov. 3. But the crisis persists, thus pushing Egypt to seek another currency that would reduce demand for the dollar. The choice has fallen on the Chinese yuan in the country’s battle against the dollar.

Yuan Set to Join IMF Basket in Step Toward Currency Big Leagues

China’s yuan is poised to enter the big leagues of global currencies, according to the judgment of the International Monetary Fund.

IMF staff have recommended the yuan be included in the fund’s Special Drawing Rights reserve-currency basket, alongside the U.S. dollar, euro, pound and yen, IMF Managing Director Christine Lagarde said Friday. The staff nod makes approval by the fund’s board this month all but certain, as major IMF shareholders including the U.S. have said they will support inclusion if the yuan meets IMF criteria. It would be the first change in the SDR’s currency composition since 2001, when the euro replaced the German deutsche mark and French franc.

China | Chinese yuan gaining momentum to become global currency

BUENOS AIRES, Nov. 9 (Xinhua) — China’s currency, the yuan or renminbi (RMB), “is increasingly competing” against the U.S. dollar and the euro as it moves closer to gaining a global currency status, an Argentine report said.