Why should the RMB be included in the SDR basket?

[Beidou2020]

IMF has set of rules which China does not comply with.

You are just quoting past figures. Past is not an indicator of future.

IMF will decide whether China qualifies, not you. No one is coming to examine whether to include the Dropee...er i mean Rupee in the SDR basket.

India can NEVER overtake China. India is just too corrupt and too ignorant to ever surpass China. India loses war to China. India already lost economic game to China

 

[Edison Chen]

There will be more state controls as China will have a financial crisis this year.

RMB is the fifth largest trading currency in the world, this is the pre-condition to include RMB into the SDR basket and further as a reserve currency.

Use of RMB ranks 5th among world's payment currencies in Jan., SWIFT_Xinhua Finance Agency

China has been making progress to achieve capital account convertbility. This is not a single policy that I can carry out in any minute, this is a complicated financial system reform that need hundreds of other policies to be carried out. According to IMF's capital account classification, China has already made 35 out of the total 40 capital account items convertible, this is a long process, step by step, not just a single isolated fucking policy. In the near future, China will open personal cross border investment, stock exchange connectivity, and risk control and other items. The newly established Shanghai free trade zone is a model for financial reform, China has canceled most restrictions in Shanghai, like Shanghai-Hong Kong Stock Connect program, Shenzhen-Hongkong stock connect program, QDII2, QIFF, QIDD, and the abortion of personal foreign currency $50,000 per year restriction. So under this big financial system reform, there are quite many subsystems to be completed first.

You don't see any little progress made by China, yet just made your judgement depending on your personal likes, this is not cool.

 

[Beidou2020]

Lets talk when it is included in SDR basket.

As of now we are doing better than China.

Lets talk when India surpass China in these:

China's Net National Wealth: $21.4 TRILLION
India's Net National Wealth: $3.6 TRILLION

National wealth - Wikipedia, the free encyclopedia

6 to 1 ratio

------------------------------------------------------------------------------------------------------------------------------

China's External Financial Assets: €10.5 TRILLION
India's External Financial Assets: €1 TRILLION

List of sovereign states by external assets - Wikipedia, the free encyclopedia

10 to 1 ratio


------------------------------------------------------------------------------------------------------------------------------

China's Total Trade: $4.4 TRILLION
India's Total Trade: $0.85 TRILLION

International trade - Wikipedia, the free encyclopedia

5 to 1 ratio

Some more indicators of China's lead over India:

• Agriculture GDP 2.7 times (Note: India has highest % of GDP on agriculture i.e. is an agrarian economy)
• Services GDP 4.3 times
• Overall GDP 5.1 times
• Merchandise exports 7.1 times
• Industrial GDP 8.4 times
• Forex reserves 11.1 times
• High-technology exports 33.6 times
• Over 124 countries have China as largest trading partners.
• ....

List of countries by GDP sector composition - Wikipedia, the free encyclopedia
List of countries by foreign-exchange reserves - Wikipedia, the free encyclopedia
Merchandise exports (current US$) | Data | Table
High-technology exports (current US$) | Data | Table
Why is India losing the competitiveness race? | beyondbrics
AP IMPACT: China overtaking US as global trader

 

[Beidou2020]

You are repeating your posts. You seem desperate.

You keep repeating coulda, woulda, shoulda

I keep repeating FACTS!
All you can come up with is your opinion, no facts whatsoever. I bring FACTS!

If it stings your bruised ego to see the gap between China and India, that's your problem mate.

Suck it up princess.

 

[Beidou2020]

You state past facts without taking into consideration that India will grow faster than China in future.

Don't talk coulda, woulda, shoulda.
Achieve it first, then come talk.

India will NEVER surpass China.

You have nothing to argue anymore, I've completely embarrassed you to the point you are utterly helpless

 

[Edison Chen]

China has a long way to go before capital account convertibility. I think you do not have much knowledge about economics.

You don't have much knowledge economy too. You've proved nothing useful to convince me. Everyone has a long way to go, yet India has a much longer way. You don't read my post even a little.

 

[TaiShang]

Yes we will talk about that in future. But why are Chinese talking about RMB getting included in SDR basket. Talk when it is included.

Because the evaluation is an ongoing process. And there is no pinky-eyed aniticipation that the RMB is in SDR basket in no time.

There are accepted obstacles and challenges. The RMB may or may not en up in the SDR. The article only evaluates the present situation, that is, the realities on the ground. But I guess this is "history" for you and only future is "now."

These financial reform policies, as @Edison Chen explains very well, need time and careful consideration. It has to take into consideration the national and international context. No reform is carried out because some people in some faraway place desire China to do so. Sorry, but it does not work that way.

 

[Edison Chen]

I did not read your post because it was long and seemed irrelevant.

China will never have capital account convertibility. Your government is control freak.

Because your IQ is too low to read it.

I did not read your post because it was long and seemed irrelevant.

China will never have capital account convertibility. Your government is control freak.

Low IQ Indian creature.

 

[Edison Chen]

Forget about IQ. I sensed that your post is irrelevant. You dont know how to communicate your point of view properly.

I said it clearly, your knowledge is not enough to understand it. Low IQ animal.

 

[Edison Chen]

There is nothing to understand in your post.

If you think China can have capital account convertibility tell me when can foreign investors be able to buy shares freely in China like in India.

I said Shanghai-Hong Kong Stock Connect program, Shenzhen-Hongkong stock connect program in my long post, you don't read it, Hong Kong residents can buy China stocks, and vice versa.

Shanghai-Hong Kong Stock Connect - Wikipedia, the free encyclopedia

And you said this is irrelevent.

 

[Beidou2020]

Hong Kong is not whole world. China - Hong Kong integration is not capital account convertibility. Thats why I asked you about your knowledge of economics.

You are clueless on economics aren't you boy

 

[Beidou2020]

Thats a good way of not replying my question.

You didn't want to read what he posted explaining the whole purpose of the HK-Shanghai stock connect and how it goes towards opening up the capital account and you laugh at him. You don't even understand what capital account convertibility consists of

I've been explaining to you about the Chinese and Indian economy and you understood none of it.

Your economic knowledge is extremely limited.

 

[Beidou2020]

Capital account convertibility means being able to buy any share from any country in any quantity without any restrictions. What you have shown is not capital account convertibility. Learn economics first.

*facepalm*

Yup, you really are clueless

 

[Beidou2020]

You are really stupid.

The fact that you don't even understand how the stock connect leads to opening up the capital account shows I've been debating with an economic illiterate.

 

[CHN Bamboo]

Indian economic statistics are more credible then Chinese. The whole world says that.

Credible?I think Chinese statistics is really credible
(Living in Wuhan)

What's more,do u care about the growth rate of the salary-Inflation rate?No only GDP growth rate but also the people's livelihood should u care