Renminbi. Chinese currency.

Al ataque de los Derechos Especiales de Giro

SANTA BARBARA – La campaña del gobierno chino para que su moneda, el renminbi, sea incluida en los activos de reserva del Fondo Monetario Internacional parece estar al borde del éxito. La semana pasada, el personal del FMI recomendó formalmente incorporar al renminbi a la canasta de monedas que determina el valor de sus llamados Derechos Especiales de Giro (DEG).

La incorporación del renminbi a la canasta, que actualmente incluye el dólar estadounidense, el euro, la libra esterlina y el yen japonés, favorecería el prestigio de China. Más importante aún, potenciaría los esfuerzos del gobierno por internacionalizar el renminbi. Pero también sería un error. La decisión de recomendar la inclusión del renminbi, lejos de haber sido formulada en base a argumentos económicos sólidos, sólo se puede entender como una decisión política. Como tal, las consecuencias de largo plazo probablemente sean lamentables.

Desde un punto de vista estrictamente técnico, las calificaciones del renminbi para ser incluido en la canasta de DEG son cuestionables. Tradicionalmente, el FMI ha insistido en dos criterios: el país emisor de una moneda debe estar entre los principales exportadores del mundo y la moneda debe “utilizarse libremente” –debe ser utilizada y comercializada ampliamente.

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