Business
        

Economy

No link between yuan convertibility and SDR: Central bank

Updated: 2011-04-01 10:15

(Agencies)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

NANJING - A vice-head of China's central bank disputed on Thursday a link between the convertibility of the yuan and its inclusion in the basket that forms the Special Drawing Right, or SDR.

Related readings:
No link between yuan convertibility and SDR: Central bankChina's yuan sets new high against dollar 
No link between yuan convertibility and SDR: Central bankPBoC cuts interest rate for yuan in HK 

The remarks by Yi Gang counter comments by European Central Bank President Jean-Claude Trichet, who said the yuan has to be a freely-floating currency before it can be considered as a SDR currency.

Separately, Zhou Xiaochuan, China's central bank governor, said the yuan has gained higher acceptance in Asia than in the rest of the world.

The remarks by Yi, Zhou and Trichet were made at a G20 currency meeting in Nanjing.

China, the largest foreign owner of US Treasuries, has been pushing for a greater role of the SDR in international commerce in the hope of reducing its reliance on the US dollar.

E-paper

Rise and shine

The Chinese solar energy industry is heating up following recent setbacks in the nuclear sector

Preview of the coming issue
Bombs aim for regime change
CSI, with a twist

European Edition

Specials

The queen of panda cubs

Spanish Queen Sofia laughs as she plays with a panda.

London's Olympic Stadium

Construction on the flagship stadium for the 2012 London Olympics was completed Tuesday.

Donkey-powered Land Rover

Two donkeys pull a broken-down Land Rover in Shenyang, Liaoning province.

Have you any wool?
Virtual memorial
Daughter, son try to fill dad's shoes