Britain will support the renminbi, the Chinese currency, to become part of the International Monetary Fund’s Special Drawing Right basket currencies, said Lord Mayor of the City of London Alan Yarrow, Xinhua reported. “Britain will certainly support RMB to become a SDR basket currency. We think the world needs another reserve currency, and we think we need renminbi,” Yarrow told reporters before his trip to China. Yarrow tuned positively on China’s renminbi pricing mechanism improvement and other financial market reforms. He stressed that the currency fluctuation is one of the features of a marketized currency, and during the process of reforms, clarity and transparency of economic information is very important.
