IMF to identify Chinese yuan in foreign exchange reserves databaseMarch 5, 2016 - 16:07 AMT PanARMENIAN.Net - The International Monetary Fund (IMF) announced it will separately identify the Chinese yuan in its quarterly survey of the composition of foreign exchange reserves (COFER) from October 1, Business Standard said. Currently, the currencies identified in COFER are the U.S. dollar, the pound sterling, the Japanese yen, the Swiss franc, the Canadian dollar, the Australian dollar and the euro, Xinhua news agency reported on Saturday, March 5. This move recognizes the continuing internationalization of the yuan, facilitated by China's reforms to promote a more market-based economy, the IMF said on Friday. It means that IMF members could record their holdings of yuan-denominated official reserves as in the COFER survey. The COFER lists the currency composition of holdings of foreign exchange reserves across the IMF members in the form of statistical aggregates. The IMF publishes the COFER data quarterly and its members voluntarily participate in the COFER survey. When the IMF's executive board determined the yuan to be a freely usable currency and decided to include it in the Special Drawing Right (SDR) basket last November, they also underscored the importance of making efforts to address remaining data gaps ahead of the next SDR review. The IMF board on February 26 agreed to identify the yuan in the COFER survey in order to address data gaps. The first batch of data with a separate identification for yuan-denominated reserves will be published at the end of March 2017, said the IMF. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |