Renminbi. Chinese currency.

Le renminbi, un danger pour le Droit de tirage spécial du FMI

SANTA BARBARA – La campagne de la Chine visant à inclure sa devise, le renminbi, dans l'actif de réserve du FMI semble sur le point de réussir. La semaine dernière, le FMI a formellement recommandé de l'ajouter au panier de devises qui détermine la valeur de son Droit de tirage spécial (DTS).

Ce panier comporte déjà le dollar, l'euro, la livre et le yen. Inclure le renminbi ajouterait au prestige de la Chine, et surtout irait dans le sens de la politique chinoise visant à internationaliser sa devise. Pourtant ce serait une erreur. La recommandation en ce sens n'a pas de véritable justification sur le plan économique ; elle est de nature politique, et ses conséquences à long terme seront sans doute regrettables.

Sur le plan technique, l'inclusion du renminbi dans le panier de devises du DTS est contestable. Jusqu'à présent le FMI insistait sur deux critères : le pays émetteur de la devise doit être un grand pays exportateur et sa devise doit pouvoir être utilisée et négociée à grande échelle.

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