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China says SDR measure to reduce valuation changes in FX reserves

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BEIJING | Thursday, Apr 7 2016 IST
 
China's central bank said today its move to use the International Monetary Fund's Special Drawing Rights (SDR) to measure its foreign exchange reserves would help limit valuation changes caused by currency volatility."Having the SDR as a reporting currency for foreign exchange reserves data would help reduce valuation changes caused by frequent and volatile fluctuations of major currencies, hence provide a more objective measurement of the overall value of the reserve," the central bank said in a statement."This would also help enhance the role of the SDR as a unit of account."The PBOC published forex reserves measured by the SDR for the first time. The reserves were at to $3.21 trillion at the end of March, equivalent to 2.28 trillion SDR.REUTERS CJ NS1622

-- (Reuters) -- C-1-1-DL0400-672186.Xml

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