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Britain supports eventual RMB inclusion in IMF's SDR basket

Xinhua, April 18, 2015 Adjust font size:

Britain said on Friday it supports the eventual inclusion of the Chinese yuan in the International Monetary Fund's special drawing rights (SDR) basket of currencies.

George Osborne, Britain's Chancellor of the Exchequer, made the remarks during the spring meetings of the IMF and the World Bank.

Britain wants to involve and include important emerging powers in the world system, he said.

The internationalization of yuan, or renminbi (RMB), is not only meaningful to Beijing, but also of interest to London, which has been the global leader in the offshore RMB market.

Britain's interest was also on display when London applied to join the China-proposed Asian Infrastructure Investment Bank last month, opening the floodgates for Western countries to go on board.

The RMB will be considered for inclusion in the IMF's SDR basket of currencies later this year.

Zhou Xiaochuan, governor of China's central bank, said Friday that the evaluation process of the RMB's inclusion is proceeding in order, and China would speed up relevant reform to promote the process. Endi