Detailed regulations on joining SDR expected

Updated: 2011-10-29 11:44


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BEIJING - China expects the International Monetary Fund (IMF) to issue more detailed regulations on the IMF's special drawing rights (SDR) issue, a central bank official said on Friday.

Zhang Tao, director of the International Department of the People's Bank of China, made the remarks during a press briefing regarding President Hu Jintao's attendance at the G20 summit from Nov 3 to 4.

The IMF has specific regulations on whether China gains the SDR with the exchange of making it's currency, the yuan or renminbi, convertible, Zhang said, adding that China expects more detailed regulations on the issue to be made by the IMF.

The SDR was drafted by the IMF, not China, Zhang said. "So the IMF has its own process, and arrangements about whether and when to implement any reforms on the SDR should be made by the IMF."

As a member of the IMF, China respects the SDR arrangement, Zhang said. If the IMF believes that the SDR needs being reformed in order to beef up the diversification and stability of the international monetary system, China will support the reform, Zhang added.

Meanwhile, Zhang said China hopes the IMF's current standard be respected during the SDR reform.

"Definitely, China has an open attitude about the further improvement of the reform standard," he said.