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The sprint "basket" what is the role again
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Edit: Browse:975 Date:2015-05-21
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The SDR allocation mechanism existing unreasonable The SDR is the IMF in 1969 to create an international reserve assets, to make up for a lack of official reserves, its value by the dollar, euro, yen and sterling four currency of a basket of reserve currency. Ubs securities chief China economist wang tao is introduced, the SDR is called a "paper gold", it is not money, nor the IMF's creditor's rights, but the IMF members freely usable currency potential claims. Member states in the case of balance of payments deficit, can use it to other members designated by the international monetary fund in exchange for foreign exchange, to pay the balance of payments deficit or to repay the international monetary fund loan, still can like gold, convertible currency as international reserves. At present, the value of the SDR by four major dollar, the euro, the pound and the yen currency composition of a basket of currencies of current exchange rate determining, the weighting of 48.2%, 32.7%, 11.8% and 32.7% respectively. "These four currencies, out of the effect of quantitative easing (QE) of dollars due to will raise interest rates to emerging market panic, euro as more than trillions of euro QE to launch" a fall endlessly ", the substantial depreciation of the yen is steadily. Yue-wen zhang, a researcher at the Chinese academy of social sciences financial research institute, said: "because of the SDR basket of currencies included in the member states of the central bank [microblogging] reserves, so the basket of currencies will shrink related country's foreign exchange reserves, which influenced the stability of the international financial market. " More and more market participants realized that the SDR allocation mechanism is not reasonable: on the one hand, the weight of the dollar accounts for larger; On the other hand, because of the distribution depends on the member states in the IMF, as a share of the allocation of the SDR significantly greater than in the developed countries in the developing world, easy to cause "the rich get more rich hogging the world", the situation. In order to strengthen the SDR allocation balance, increase the representation of the emerging market countries and developing countries, and say, the IMF said it would consider about factors such as the country's economic strength and foreign trade situation, choose the representative money to join the "basket".
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