WASHINGTON, March 31 (Xinhua) -- The International Monetary Fund on Friday released data about the world's holdings of the Chinese currency, the renminbi (RMB), denominated foreign exchange reserves for the first time.
By the end of December 2016, forex reserves which were identified in the RMB reached 84.51 billion U.S. dollars, accounting for 1.07 percent of the world's total forex reserves, according to the data on the currency composition of official foreign exchange reserves (COFER), which was released by the IMF quarterly.
It's the first time for the IMF to release the data about the RMB-identified forex reserves. Previously, the currencies identified in COFER were the U.S. dollar, pound sterling, Japanese yen, Swiss francs, Canadian dollar, Australian dollar and euro.
The IMF announced in last March that it would separately identify the RMB in its quarterly survey of the COFER from Oct. 1, 2016, and would publish the first data with the separate identification of RMB-denominated reserves at the end of March 2017.
This move recognized the continuing internationalization of the RMB, facilitated by China's reforms to promote a more market-based economy, said the IMF last March.
By the end of 2016, the U.S. dollar-denominated forex reserves reached 5,052.94 billion U.S. dollars by the end of 2016, accounting for 63.96 percent of the world's total; the euro-denominated forex reserves ranked the second, with their share at 19.74 percent, according to the COFER data.
The COFER lists the currency composition of holdings of foreign exchange reserves across 146 reporters which consist of IMF member countries, non-member countries or economies and other foreign exchanges reserve holding entities.
The IMF published the COFER data quarterly and its members voluntarily participate in the COFER survey.
The COFER data for individual countries are kept confidential given the sensitive nature of the data.
BEIJING, March 18 (Xinhua) -- China will remain a strong engine of global recovery with its ongoing economic reforms, an official with the International Monetary Fund (IMF) said Saturday.
"Steering its economy to a sustainable path will benefit China itself and the world as a whole," said IMF Deputy Managing Director Zhang Tao at the China Development Forum 2017 in Beijing. Full story
WASHINGTON, March 9 (Xinhua) -- China's current strong economic momentum is likely to maintain its growth target of around 6.5 percent for 2017, but the country needs implement more reforms to embark on a more inclusive and sustainable growth path, the International Monetary Fund (IMF) said on Thursday.
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