the World Bank emits funds in Special Rights of Turn in China

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The World Bank has emitted funds in China denominated in the Right Special calls of Turn, for the first time in the history. This operation points to achieve a bigger exchange among the financial markets of that country with those of the rest of the world.

The Special Rights of Turn constitute a reservation of foreign currencies administered by the Monetary International Fund. The value of these foreign currencies is based on the American dollar, the euro, the pound sterling and the yen and, starting from next month, the Chinese yuan.

The total value of the funds will be of 500 million Special Rights of Turn, an equivalent one approximate to 700 million dollars. These funds will be marketed in yuanes in the market interbancario of China. An established grouping on the whole between financial Chinese institutions and foreign banks, including the Japanese bank Tokyo-Mitsubishi UFJ, he/she will take charge of the administration of the funds.

When emitting them, the World Bank hopes to offer more means to assure funds and to urge China to be integrated in the financial world system.

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