China Press: China should promote the use of IMF's SDRs

China’s the Securities Times said in a front-page commentary, China should promote the use of the IMF's Special Drawing Rights and with the help of the G20, push forward the reform of the international monetary system, MNI reports.

The commentary added, “The promotion can help with the Yuan’s internationalization, cut China's dependence on the greenback and build a new diversified international monetary system.”

“China could issue more SDR-denominated bonds and encourage the use of the SDR as a funding tool in some cases. The SDR is just a basket of reserve assets and its draw is limited at present”, it said.