Chinese yuan's SDR inclusion to boost global trade: Ghanaian minister
Updated: 2016-10-28 07:25
(Xinhua)
|
|||||||||
A clerk counts money for a client at an Agricultural Bank of China branch in Hainan province. [Photo/IC] |
ACCRA - The admission of the Chinese renminbi (RMB) in the global convertible currencies by the International Monetary Fund (IMF) will boost global trade and economic growth, Ghana's finance minister Seth Terkper said.
The IMF announced the decision in September to include the renminbi in its Special Drawing Rights (SDR).
He told Xinhua that the decision was a laudable one given the key position China occupied in the global economy.
"China's economy has been enlarging and has been propelling the global trade as well as growth and, despite the cooling off, you still have China being very strong," Terkper noted.
According to the minister, steps in Ghana to make the renminbi a tradable currency predated the IMF decision.
"In Ghana we did recognize the strength of the renminbi already and the Bank of Ghana in its basket actually uses the renminbi as part of its mix of currencies ... I am also aware that some commercial banks have established renminbi windows for businesses," Terkper disclosed.
The reason, according to him, is that trade between Ghana and China has been picking up steam and an renminbi window would save much trouble for traders.
The minister also touched on the benefits of the IMF decision to the fortunes of bilateral trade with China, explaining that an exporter who earns renminbi in China could use that currency which is now convertible to buy input back to facilitate his or her business.
"This was cumbersome in the past when the renminbi was not a convertible currency. So it is early yet but you can see the trade and investment benefits," Terkper added.
- Seven things you need to know about yuan's inclusion in SDR basket
- Chinese yuan continues to weaken against USD
- Major lenders prepare for yuan internationalization
- Bank survey finds more Aussie companies using China's renminbi
- RMB's inclusion in SDR basket supports China's reforms: IMF deputy managing director
- Trump's Hollywood Walk of Fame star destroyed
- Maduro activates Defense Council to seek solution to crisis
- UN adopts resolution urging end to Cuban embargo, US abstains for first time
- Russian, German FMs discuss Syrian situation
- Workers wield sledgehammers to tear down Calais 'Jungle'
- Panda-themed contest held to mark Belgium-China ties
- Chinese baozi shop gains popularity in Harvard Square
- Chinese mariner on record-breaking voyage goes missing
- 2045-square-meter photo mosaic breaks world record
- Red leaves reveal beauty of autumn
- Tibet mandala: The world in a grain of sand
- Top 10 Chinese tycoons in IT industry
- Planes ready to take off at Airshow China
- Teacher's spirit keeps village school open
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
'Zero Hunger Run' held in Rome
Trump outlines anti-terror plan, proposing extreme vetting for immigrants
Phelps puts spotlight on cupping
US launches airstrikes against IS targets in Libya's Sirte
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
US Weekly
Geared to go |
The place to be |