The idea of reforming the global financial architecture and reducing the value of the dollar as the world's main reference currency is becoming more and more supporters. The need to create a new universal Reserve said the UN experts in the annual report of the Conference on Trade and Development. In their view, the need for change became evident in the face of the credit crisis, so the UN proposes to strengthen the significance in the calculation of special drawing rights (SDR) of the International Monetary Fund (IMF) to strengthen the financial weight of developing countries and establish a central reserve bank.
According to the authors of the UN report, «the dominance of the dollar as the primary means of international payments played an important role in the accumulation of global imbalances in anticipation of the financial crisis». Therefore, the UN offer to diversify its global reserves by reducing the share of the dollar and the simultaneous deposit of dollar assets by central banks in the «special account replacement» IMF, nominated in the SDR. In general, the new financial system needs to counter speculative operations in international currency markets to prevent credit crises and strengthen the importance of developing countries.
The idea of reforming the world monetary system is discussed in all the major political and economic forums, including the «big twenty», a regular meeting of member countries which will be held in late September in the United States. In this process, in fact, already started, and his hallmark has been the rise of developing economies. «Weight of developing countries in reformed global financial system is certainly better, - said an analyst with RBC daily Economist Intelligence Unit, Gerard Walsh. - This process has already begun - witness the increase in the number of votes of developing Asian countries in the IMF's board of directors ».
One of the main initiators of the reform is China. Beijing in recent months has consistently strengthened the international position of their national currencies by entering into bilateral agreements on currency swap with Argentina, Indonesia, Malaysia, the Republic of Korea, Belarus and Hong Kong (part of China but enjoys financial autonomy). In addition, the Ministry of Finance yesterday announced the release of 28 September in Hong Kong, RMB-denominated government bonds worth 6 billion yuan (879 million) - this location will be the first outside mainland China. According to the publication of the Hong Kong Standard, in a further volume of state bonds may rise to 100 billion yuan (14.64 billion U.S. dollars).
«The main task of China is to strengthen the role of the national currency as an international, Beijing also wants to push the other BRIC countries to the same step - explained RBC daily economist at Chatham House Vanessa Rossi. - Announcing the launch of renminbi-denominated state bonds made on the eve of the summit «big Twenties» and will be welcomed by the leading emerging economies ».
Against the background of the latest initiatives of the UN and China, the U.S. currency continues to lose position: during the European trading yesterday, the dollar fell to an annual minimum of a basket of major world currencies. Simultaneously, the cost of gold futures for the first time in the past six months exceeded 1 thousand dollars per ounce. All this confirms the concerns of investors the prospects of the U.S. currency.
China, like Russia and other BRIC countries, will reduce dependence on the dollar, are gradually diversifying their currency reserves. However, this process will still be slow, and the final configuration updated global financial system are not yet fully clear. «At the moment there is no doubt decline in the future role of the dollar in international trade, but I doubt that this will adequately increase the role of the SDR. Yes, and a full-fledged world Reserve Bank in the foreseeable time - a highly controversial issue - said the director of the Treasury of the Eurasian Development Bank Sergey Elagin. - Rather soon lost from the dollar's position will be replaced as the European currency, and the strongest regional currencies, especially the currencies of BRIC countries ».
According to the authors of the UN report, «the dominance of the dollar as the primary means of international payments played an important role in the accumulation of global imbalances in anticipation of the financial crisis». Therefore, the UN offer to diversify its global reserves by reducing the share of the dollar and the simultaneous deposit of dollar assets by central banks in the «special account replacement» IMF, nominated in the SDR. In general, the new financial system needs to counter speculative operations in international currency markets to prevent credit crises and strengthen the importance of developing countries.
The idea of reforming the world monetary system is discussed in all the major political and economic forums, including the «big twenty», a regular meeting of member countries which will be held in late September in the United States. In this process, in fact, already started, and his hallmark has been the rise of developing economies. «Weight of developing countries in reformed global financial system is certainly better, - said an analyst with RBC daily Economist Intelligence Unit, Gerard Walsh. - This process has already begun - witness the increase in the number of votes of developing Asian countries in the IMF's board of directors ».
One of the main initiators of the reform is China. Beijing in recent months has consistently strengthened the international position of their national currencies by entering into bilateral agreements on currency swap with Argentina, Indonesia, Malaysia, the Republic of Korea, Belarus and Hong Kong (part of China but enjoys financial autonomy). In addition, the Ministry of Finance yesterday announced the release of 28 September in Hong Kong, RMB-denominated government bonds worth 6 billion yuan (879 million) - this location will be the first outside mainland China. According to the publication of the Hong Kong Standard, in a further volume of state bonds may rise to 100 billion yuan (14.64 billion U.S. dollars).
«The main task of China is to strengthen the role of the national currency as an international, Beijing also wants to push the other BRIC countries to the same step - explained RBC daily economist at Chatham House Vanessa Rossi. - Announcing the launch of renminbi-denominated state bonds made on the eve of the summit «big Twenties» and will be welcomed by the leading emerging economies ».
Against the background of the latest initiatives of the UN and China, the U.S. currency continues to lose position: during the European trading yesterday, the dollar fell to an annual minimum of a basket of major world currencies. Simultaneously, the cost of gold futures for the first time in the past six months exceeded 1 thousand dollars per ounce. All this confirms the concerns of investors the prospects of the U.S. currency.
China, like Russia and other BRIC countries, will reduce dependence on the dollar, are gradually diversifying their currency reserves. However, this process will still be slow, and the final configuration updated global financial system are not yet fully clear. «At the moment there is no doubt decline in the future role of the dollar in international trade, but I doubt that this will adequately increase the role of the SDR. Yes, and a full-fledged world Reserve Bank in the foreseeable time - a highly controversial issue - said the director of the Treasury of the Eurasian Development Bank Sergey Elagin. - Rather soon lost from the dollar's position will be replaced as the European currency, and the strongest regional currencies, especially the currencies of BRIC countries ».
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