If, 20 or 30 years from now, central banks and sovereign wealth funds hold a significant portion of their reserves in renminbi-denominated assets, financial historians will probably look back on 2015 as a turning point.
The International Monetary Fund is engaged in a year-long review of the currency composition of its special drawing rights (SDR), with a final decision expected between November and early 2016. The currencies now included in the SDR “basket” are from the world’s most influential economies: dollars, euros, yen and sterling.
If the fund decides to add the renminbi to the SDR basket, it will amount to an assurance to global central banks by the world’s foremost financial technocrats that renminbi assets are safe.
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