Wang Yongli, former vice president of Bank of China: It is not necessarily a bad thing for the renminbi not to become a basket currency

According to the news on September 26th, the former deputy governor of the Bank of China, Wang Yongli, was entitled "How does the Libra basket currency run?" The article said that if the countries that include the Libra basket currency do not control, allowing their national currency to be heavily converted into Libra and widely circulated, it will have a great impact on the monetary policy, international reserves and influence of the basket currency. The dollar will bear the brunt. This may be consistent with what many people have always said, "The introduction of Libra will further strengthen the global dominance of the US dollar. The currencies not included in the basket will be marginalized, and the currencies of some weak countries may even face the possibility of disappearing." In fact, in the SDR's currency basket, the dollar is also the highest proportion, and the US has a veto in the IMF, so why the United States will try to prevent SDR from becoming a global currency that is widely circulated in the world, but only An inter-governmental reserve asset? In fact, it is to prevent the SDR from forming a substitute for the US dollar and to impact the dollar's international central currency status. Therefore, becoming Libra's basket currency is not necessarily a good thing, but may require a high degree of vigilance! The fact that the renminbi is not included in its currency basket by Libra is not necessarily a bad thing.