Special drawing right, or SDR, is an international currency reserve to supplement its member countries’ official reserves. It was created by the International Monetary Fund (IMF) in 1969 to allow countries to purchase their domestic currencies in foreign exchange markets. In 2009, SDR allocations helped increase liquidity and supplement member countries’ official reserves as they dealt with the global financial crisis.
- The Chinese currency’s weight has been raised to 12.28 per cent, 1.36 percentage points higher than the 2016 assessment
- China’s will for opening up is unshakeable, its central bank says, responding to doubts over its dual circulation and zero-Covid strategies