As it was informed by "Market Leader (US)"
Will the IMF change the content of its currency basket?
On April 17th in Washington the Vice Governor of the People’s Bank of China met with the representatives of the International Monetary Fund and the World Bank. They discussed numerous issues, including the content of the IMF’s currency basket, which determines the (Special Drawing Rights (SDR) – a special monetary unit. The Chinese representative spoke in favor of including some other currencies into the basket. Obviously the Chinese side represented the interests of the young and strong but still unstructured international union called BRICS (is a grouping acronym that refers to the countries of Brazil, Russia, India, China and South Africa). The latest BRICS summit took place in China right before the visit of the Chinese representative to Washington.
At the moment the currency basket is composed of 4 currencies: the US Dollar (USD), the Japanese Yen (JPY), the common Euro currency (EUR) and the British Pound (GBP).
Do the countries emitting these 4 currencies really control the global economy? Is the expansion of the currency basket possible and necessary?