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PBOC's Zhou Outlines Plans to Promote IMF Currency Basket Use

  • China soon to start reporting foreign reserves in SDR: Zhou
  • China to look into issuing SDR-denominated bonds, Zhou says

China’s central bank governor, long an advocate for reducing the global reliance on the U.S. dollar, is planning incremental steps in his quest to increase use of the International Monetary Fund’s reserve currency basket.

China will soon start reporting the banking sector’s foreign assets, including the nation’s foreign reserves, in terms of International Monetary Fund’s Special Drawing Rights as well as in U.S. dollars, Governor Zhou Xiaochuan said Thursday in Paris. China also will look into issuing SDR-denominated bonds domestically, Zhou said in a speech at a forum of finance chiefs and central bankers to discuss crisis planning.