IMF head urges bigger global role for China's yuan. At least it's a start

[RB TexLa]

Of course SDR needs to be adjusted. And change occurs slowly but the IMF needs to step up it's efforts toward a single currency.




IMF head urges bigger global role for China's yuan


Strauss-Kahn, speaking at the IMF's headquarters, said that adding emerging market countries' currencies such as the yuan to a basket of currencies that the IMF administers would benefit the global system and create more stability.

He warned that without adjustments to the global monetary system the world could be sowing the seeds of the next crisis, pointing to widening economic imbalances, large and volatile capital flows, exchange rate pressures and rapidly growing excess reserves.

....

Strauss-Kahn said he also saw a greater role for the IMF's Special Drawing Right as a unit of account, but said such a move would take time and a great deal of international cooperation to make it work. The SDR is composed of the dollar, sterling, euro and yen.

"Increasing the role of the SDR would clearly require a major leap in international policy coordination," Strauss-Kahn said. "For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy."

http://uk.news.yahoo.com/22/20110210/tts-uk-imf-ca02f96.html

[RandomThoughts]

1. There Initials are so funny.

A claim of who they are. Label trap, but funny. :rofl:

Blinded by the Light by Manfred Mann's Earth Band
http://www.youtube.com/watch?v=Eg8cDmi7-U8

[Motown_Johnny]

7. Impossible Mission Force?

[RandomThoughts]

10. Disgusting use of such a great label.

How could you give them that kind of comparison, they don't do anything even near impossible, they farm greens and blues. And in secret mostly.

I was thinking more of an insulting name. Where they call themselves a MF.

Or as a grade for a 'group' some associate with the M label.

[arcane1]

2. "sowing the seeds of the next crisis..."

"widening economic imbalances, large and volatile capital flows, exchange rate pressures and rapidly growing excess reserves"

Hell, that's the IMF's mission statement!

[RandomThoughts]

11. Yea but all you have to do is knock them off script.

And they try so hard to get back on script they mess up their own group.

Another reason, any change corrects things. Since they got a thought of what they want, and what they want, isn't going to happen.

What is going to happen, is someone is going to send me the beer and travel money that is due.


Since posting music clips, and in the mood for some drums, And since that last drummer posted was so awesome.

Blinded by the Light by Manfred Mann's Earth Band
http://www.youtube.com/watch?v=Eg8cDmi7-U8

Wadaiko Yamato: Drummers of Japan
http://www.youtube.com/watch?v=pZO47QxV-iY&feature=related

[RedCloud]

3. Strauss-Kahn, Genghis Khan, hell they are all out to kill us.

[Hannah Bell]

12. strauss & kahn; both names of banking dynasties. i wonder if he's a relation.

http://en.wikipedia.org/wiki/Albert_Kahn_(banker)

http://query.nytimes.com/gst/abstract.html?res=F00911FB3E5511738DDDA90A94D1405B888DF1D3

[nadinbrzezinski]

4. Ah getting ready to replace the USD for the YUAN as

a reserve currency. Careful what you ask for.

[amandabeech]

5. The yuan is largely pegged to the dollar.

China keeps saying that it will let the yuan find its own level, but in the past two or three years, the yuan has barely budged despite the strength that the Chinese economy has shown vis a vis the U.S.

I'm not sure how a basket can hold floating and fixed value currencies at the same time.

[RB TexLa]

8. The ultimate goal is to get rid of the yuan and the dollar

[amandabeech]

9. Yes, but I still don't understand why the basket against which the SDR

would be valued would include a fixed-value currency.

[AsahinaKimi]

6. This could get interesting..