12. Special Drawing Rights and the Renminbi (advanced). On October 1, 2016, the International Monetary Fund revised
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12. Special Drawing Rights and the Renminbi (advanced). On October 1, 2016, the International Monetary Fund revised the composition of the Special Drawing Rights (SDR) by adding the Chinese Renminbi (RMB).
a. Why did the IMF add the RMB to the SDR? How was the number of RMBs determined by the IMF?
b. What is the weight of the RMB in the SDR today? Has it increased/decreased since October 1, 2016?
c. What is today’s weight of the euro in the SDR? What was it on July 1, 2016?
Why has it decreased? Can you think of an exchange rate scenario for the Renminbi under which the euro would regain the same weight it had on July 1, 2016?
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