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Friday, October 2, 2015, 09:47

China sharing reserves status with IMF

By Xinhua

WASHINGTON - China has begun to report its foreign reserve portfolio to the International Monetary Fund (IMF), an effort to improve its data disclosure transparency.

The IMF confirmed China' s participation in the currency composition of official foreign exchange reserves (COFER) survey for the first time, said the IMF spokesman Gerry Rice in an email on Wednesday.

The IMF on Wednesday released the quarterly data on COFER for the second quarter of this year, and for the first time it published a list of economies that have agreed to have their names released as COFER participants, which includes the participation of China.

The IMF said that China has reported a representative portfolio on a partial basis and will gradually increase the reported portfolio to full coverage of foreign exchange reserve assets within a period of around two to three years.

This move is part of China' s efforts to subscribe to the IMF' s Special Data Dissemination Standard (SDDS) and increase data transparency.

China' s State Administration of Foreign Exchange has published China' s reserves in the Reserves Template format, a major element of the SDDS, marking an important step toward increased transparency, said Edwin Truman, a former US treasury official and now a senior fellow at the Peterson Institute for International Economics.

Truman told Xinhua that the move could help facilitate the RMB' s inclusion in the IMF' s special drawing right (SDR) basket this year.

According to the IMF, the global foreign exchange reserves rose to US$11.46 trillion dollars in the second quarter of this year, from 11.44 trillion dollars in the first quarter. The IMF did not provide country-specific data and eliminate the data breakdown for advanced economies and emerging and developing economies due to confidentiality reason.

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