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China seeks second wind for renminbi, In conversation with Robert Kaplan

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China seeks second wind for renminbi, In conversation with Robert Kaplan

Friday 3 July 2020  –   Vol.11 ed.31.6 

Commentary: China seeks second wind for renminbi

By Geoffrey Yu in London

Yi Gang, governor of the People’s Bank of China, has called for a new general issue of the International Monetary Fund’s special drawing right to mitigate the impact of the Covid-19 crisis. The SDR is a reserve asset which can be redeemed at any central bank for hard currency. Beijing sees a potential second wind for renminbi internationalisation, highly contingent on China helping finance the recovery in places willing to accept. The IMF offers routes for an accounting-driven reserve boost for the renminbi.

Read the full commentary on the website.

Meeting: In conversation with Robert Kaplan

Thursday 6 August, 15:00-16:00 BST

The US economy is gradually opening up, allowing for economic activity to resume and for some easing of unemployment. Yet the outlook remains mixed. There is a fine line between recovery and a resurgence of Covid-19 cases, which will need to be carefully considered by policy-makers and market participants. Robert Kaplan, president and chief executive officer of the Federal Reserve Bank of Dallas, joins OMFIF’s David Marsh for a virtual discussion on the US economy, the Fed’s outlook and the global situation.

Request to attend the meeting.

 

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