Renminbi’s Rise Won’t Have Big Impact on Cambodia

The recent decision by the International Monetary Fund (IMF) to include China’s currency, the renminbi (RMB), as the fifth “reserve” currency will have little impact in the near term on Cambodia’s dollarized economy, executives and financial experts say.

Their comments follow a decision by the executive board of IMF on November 30 to include the RMB in the SDR (“Special Drawing Rights”) basket as a fifth “reserve currency,” along with the US dollar, the euro, the Japanese yen and the British pound, as of October 1 next year.

Resident representative of the IMF in Phnom Penh, Yong Sarah Zhou, said that the RMB’s inclusion in the SDR basket is an important milestone in the process of China’s integration into the global financial system.

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