As the debt and economic crisis in Europe and the United States once again hit the global financial system, the voices of all parties to accelerate the reform of the international monetary system are also growing. There are signs that the internationalization of the renminbi is on the agenda of the G20. French Finance Minister Baru Ann, who is attending the IMF and World Bank series in Washington, said on the 22nd that the G20 is making progress in making the renminbi play a greater role in the international monetary system. “We are making progress on the discussion of the RMB and the inclusion of the RMB in the Special Drawing Rights (SDR),†Baru An said at a press conference after meeting with the G20 finance minister. He said that the renminbi has entered a "gradual convertibility" plan and France is preparing proposals for the timetable. Analysts believe that France is trying to promote the reshaping of the international financial system as the G20 presidency, so the inclusion of the renminbi in the SDR has been Sarkozy's goal to challenge the current monopoly of the US dollar-centered international monetary system. SDR is a unit of account based on the exchange rate of the four currencies of the US dollar, the Japanese yen, the British pound and the Euro. If the RMB is also included in this currency basket, the internationalization of the RMB will be a big boost. The currency composition in the SDR currency basket is re-reviewed by the IMF Executive Committee every five years, and the most recent audit results came into effect in January this year. According to an official of the French presidential palace earlier this week, French President Nicolas Sarkozy has told US President Barack Obama that the renminbi should be included in the International Monetary Fund's special drawing rights system. After meeting with Obama's New York, Sarkozy said that France will do its utmost to promote the process of including the renminbi into the currency basket to support the growth of China's consumption and trade, and thus to stimulate the development of the global economy . The official did not disclose whether the two presidents mentioned the specific timetable for including the renminbi in the SDR. In March of this year, Sarkozy said at a seminar in Nanjing that the RMB should be included in the SDR. At the time, ECB President Jean-Claude Trichet said that the idea was "worthy to discuss." The US side does not seem to have a cold on this. US Treasury Secretary Timothy Geithner, who attended the same meeting, said that the "flexible exchange rate system" and the free flow of capital are prerequisites for the renminbi to enter the SDR currency basket, and these two preconditions are not currently in China.
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