Michel Camdessus, former president of IMF: SDR participate moment has come to RMB

Published: 2015-10-22 12:44:51
"China in RMB internationalization course do very well, very solid step by step, not only to ensure the Chinese economy own invariance, but also for the world economy to make a major contribution unchanged." Michel Camdessus on the central wide network reporter implied. When asked whether the support of RMB coins participate SDR basket, Michel Camdessus tacit support to act decisively, and that "the hour of the yuan to the SDR participate." ("I believe that it's time for it to take place.")

From the November IMF SDR basket restart deliberations coins draws near, Michel Camdessus stated that the RMB will bring many changes to get involved SDR China, the world will also be a new major of de novo consideration of China . "China's very large length commercial country, the world is very important, China Numismatic coins become SDR basket of a sector is also very important, will greatly promote the role of international trade." Michel Camdessus said.

Michel Camdessus to China in 1997 Asian financial crisis, the 2008 global financial crisis, the euro crisis elucidation implied appreciation, he believes that China has a very successful history and experience in the same system of promoting international coin In the new international coin system sideways, China and the yuan will play a very major role.

Asian investment bank and equipment financing measures to help construct the foundation of a new international financial order to open

Ministry of Finance announced on the 12th news that Poland has recently signed the "Agreement on the Asian investment banking foundations measures," So far, signatories of the agreement has increased to 53, expected to be completed before the end of the French constitution entered into force, Asian investment bank was established.

Michel Camdessus pointed out that the establishment of the basic measures in Asia investment banking is an excellent initiative, the foundation of the world's nations need to measure equipment investment, Asian countries like Indonesia, the Philippines, Vietnam and other countries are also required to finance the foundation of the measures, the Asian roots measures Investment Bank will become a new international financial order, a department.

How the definition of a new international financial order, this problem so that thirteen years in charge of IMF Michel Camdessus has subsided a bit. The new international financial order that he summarized as: every small I think this order is reasonable, each country believe that this order represents the rules need to be created by itself, the order of the Central Organization have the powers needed to make perhaps the creation of the world up in scale, this order so that all organizations committed to sustainable growth perhaps, eliminate poverty, coping weather change, the world supply of real need, and let each person can feel.

Michel Camdessus pointed out that the world needs the active involvement of all segments of subscribers, careful cooperation, a certain part of intervenors out, it will affect the world changed. He implied waiting G20 (G20) have a new change, so part of the intervenors and the emerging countries like China, the United States, European countries, Japan, perhaps as a collaborative approach - and managed to grow a sustainable world.

IMF took the lead in China need low share of the voting weights should be significantly promoted

Some judge noted that the international financial order to the IMF and the World Bank as the pillar no longer conform to the current economic situation. IMF's quota-based GDP, the ability to save and international economic savings to arrange, but China and other fast-growing economies of emerging countries at the World economy status has not been reflected in the substantial voting rights in the IMF, such as the right to vote a weight of 16.7 US %, and as the world's second largest economy, China, in the IMF's voting weight of only 3.8 percent.

Michel Camdessus said the IMF also responded to arrange voting weights very wrong reason, he believes necessary IMF were deep, widespread and innovation, while the share of ASDC is one of the urgent need for the IMF took the lead.

According to World Bank statistics, the BRIC countries (BRICS) 2014 gross domestic production (GDP) reached $ 33.1 trillion, an increase of 7.5%, while the Group of Seven (G7) of GDP was $ 34.5 trillion, China, India, economies of scale in Russia, Brazil, South Africa, the five BRICS countries have been close to developed countries.

"China's voting rights at the IMF in the amount of weight should match the economies, the proportion of voting rights should be given too low a significant promotion. China's economy to grow endless, IMF voting rights proportion should cease promotion place." M Michel Camdessus of the CNR network reporter implied.
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