Latest update April 19th, 2024 12:59 AM
Jul 21, 2017 News
Minister of Finance Winston Jordan represented Guyana at a conference which discussed the use of the Chinese Renminbi currency in Caricom countries. The conference was held at the Hilton Resort Barbados on July 10. It was facilitated by the Caribbean Development Bank (CDB).
The conference was centred on discussing the deepening investment cooperation between China and the Caribbean, and how the use of the Renminbi could enhance trade facilitation, finance, banking relationships, and tourism.
During his weekly post-Cabinet press briefing Minister of State, Joseph Harmon said that Cabinet was briefed by the Finance Minister, on the outcomes of the conference.
Cabinet was informed that the focus of the conference was that where there is a large Chinese presence in any of the CARICOM States, the bilateral arrangements between that state and China will be easier facilitated by the Renminbi, the Minister of State noted.
Harmon said that while this move was not approved, it is the direction in which Caribbean countries will go in the near future. “This is just the preliminary stage. This is a conference to look at the issue and at an appropriate time once a decision is made, then the details will be fleshed out.”
Renminbi is now an International Monetary Fund (IMF) reserve currency. As an IMF reserve currency, the Renminbi is now in the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. The other currencies in the basket are the U.S. dollar, the Euro, the Yen and British pound.
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