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RMB: Ready for inclusion in IMF’s SDR basket – ANZ

FXStreet (Delhi) - Khoon Goh, Senior FX Strategist at ANZ, notes that the RMB’s chances of inclusion in the IMF’s SDR basket have been boosted by the US’s conditional support.

Key Quotes

“The Chinese authorities’ focus will therefore be on ensuring that the RMB can meet the IMF’s criteria.”

“With USD/CNH now trading below USD/CNY, we believe the stage is set for an easing back in intervention activity, likely after the week-long National Day holidays and as we get closer towards the SDR decision in November.”

“We still expect the RMB to depreciate should the Chinese authorities allow the currency to be more market-determined, but the extent of RMB decline will be more measured.”

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