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Premier Li Keqiang Chaired State Council Executive Meeting And Was Briefed on Inclusion of RMB in SDR

On 2 December, Premier Li Keqiang chaired a State Council Executive Meeting and was briefed on the inclusion of the RMB in the Special Drawing Rights (SDR).

The Meeting pointed out that the recent decision by the International Monetary Fund (IMF) to include the RMB in the SDR basket is a recognition by the international community of China's achievements in reform and opening up, and the Chinese government welcomes that. It will contribute to gradual internationalization of the RMB and will facilitate China's participation in global economic governance at a deeper level and in a wider range to realize win-win outcomes through cooperation.

Going forward, China will take this opportunity to step up financial reform and liberalization and improve macro-prudential management. China will remain committed to a managed floating exchange rate regime to maintain basic stability of the RMB exchange rate at a reasonable and equilibrium level. And continued efforts will be made to properly fend off risks and improve supporting systems and arrangements to realize convertibility of the RMB under the capital account in an orderly fashion.

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