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China begins disclosing information about its official foreign exchange reserves to IMF

October 01, 2015, 9:25 UTC+3 WASHINGTON
According to the information about the second quarter of this year, China's total reserves amounted to $11.5 trillion
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© AP Photo/Mark Schiefelbein

WASHINGTON, October 1. /TASS/. China for the first time began to report its official foreign exchange reserves to the International Monetary Fund (IMF). According to IMF Director of the Communication Department Jerry Rice, China participates in the survey of COFER (Composition of official foreign exchange reserves) - IMF database, which reflects the structure of official foreign exchange reserves of 146 member countries.

According to the information about the second quarter of this year, China's total reserves, which have been reported to the IMF amounted to $11.5 trillion. In the first quarter the amount was smaller - $11.4 trillion. the share of the US dollar significantly increased in the total reserves volume - to 58.2% against 53% in the previous report.

At the end of the year the IMF should complete the next review of the basket of reserve currencies, which will be used by the Fund to form its own calculation unit - the so-called "Special Drawing Right" (SDR). As of now, the basket consists of the US dollar, the euro, the pound sterling and the yen. China, which has the second largest economy in the world, relies on the inclusion of the yuan in the basket.

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