The International Monetary Fund (IMF) has hinted that it may accept the Chinese Yuan as a currency for countries to settle their obligations with the IMF following Argentina’s recent debt repayment in yuan.
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Well a discussion goes off the rails entirely when the source is ZeroHedge.
There is no merit ever in anything the source reports as a ‘hint’ and it worse when the source claims it is a ‘fact’.
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Try Bloomburg:
IMF spokesperson Julie Kozack has said that the RMB is one of the five currencies accepted by the fund for debt repayment
or USANews:
IMF spokesperson Julie Kozack confirmed on Thursday that Argentina had paid off with the IMF in Communist China’s currency.
The debt repayment was equivalent to $1.1 billion of the $2.7 billion that matured last month.
or the Argentinian press:
A precident has now been set. It had to happen as the IMF had declared the yuan as “freely usable” in 2015 when it was added to the basket of reserve currencies. I’m surprised it took so long.
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Much more credible…note “in part”…Not in full.
We have PBoC debt.
The issue with the IMF is acceptance into membership of the PBoC. I was too quick to assume we were going there. We are not.
The circulation of RMB is a minor affair.