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This paper provides the basis for the quinquennial review of the method of valuation of the Special Drawing Right (SDR). The review considers the composition, size, and weighting of the SDR currency basket and the financial instruments used to determine the SDR interest rate. The analysis in this paper is guided by the informal discussion of Executive Directors in July on initial considerations for the review. In light of Directors' preference, the two currency selection criteria for SDR inclusion are maintained. Since China continues to meet the export criterion, a key focus of this paper is on assessing whether the renminbi (RMB) could be determined to be a freely usable currency, which is the second criterion. The paper documents the rising international use and trading of the RMB since the 2010 SDR valuation review. A range of indicators suggests that use of the RMB in international transactions has risen substantially, albeit from a low base. The paper also finds that the RMB has become far more actively traded in foreign exchange markets, with sufficient depth to support operations of the size Fund members might undertake without an appreciable change in the exchange rate. Full Text also available in Chinese.

Special drawing rights. --- Valuation.

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This paper explores whether a broader role for the SDR could contribute to the smooth functioning and stability of the international monetary system (IMS). Recent staff assessments highlighted that the IMS has displayed considerable resilience. But episodes of stress point also to some weaknesses, including in external adjustment mechanisms; limitations of official liquidity provisions through the Global Financial Safety Net (GFSN); and large-scale reserve accumulation-with systemic side effects. Those weaknesses, together with the expansion of the SDR basket, have renewed interest in the SDR and motivated a discussion of whether there is an economic rationale for a broader SDR role. The paper looks into how those weaknesses can be mitigated by three concepts of the SDR: the official SDR, the reserve asset administered by the IMF (O-SDR); SDR-denominated financial instruments, or "market SDRs" (M-SDR); and the SDR as a unit of account (U-SDR). However, the paper does not propose specific reform options.

Special drawing rights. --- Monetary policy.

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This report is submitted pursuant the provisions of the Articles of Agreement relating to a general allocation or cancellation of Special Drawing Rights (SDR). The Articles provide for periodic consideration and decisions on SDR allocations or cancellations in the context of consecutive basic periods of normally five years of duration (Article XVIII, Section 2(a)). The Tenth Basic Period for a general allocation or cancellation of SDRs began on January 1, 2012 and is scheduled to end on December 31, 2016. The Eleventh Basic Period will commence on January 1, 2017.

Special drawing rights. --- Finance, Public --- Monetary policy. --- International cooperation.

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On March 5, 2021, the IMF's Executive Board approved an extension of the current Special Drawing Right (SDR) valuation basket by ten months from September 30, 2021 to July 31, 2022. The IMF normally reviews the composition and valuation of the SDR basket every five years. The extension effectively resets the five-yearly cycle of SDR valuation reviews, with the next review to be completed by mid-2022 and the new basket becoming effective on August 1, 2022. The ten-month extension contributes to the Fund's ongoing efforts to prioritize work during the COVID-19 crisis and allows for a more suitable effectiveness date of the new basket, which does not coincide with some major markets being closed. The approved extension, as well as effectiveness date of a new basket, is intended to facilitate the continued smooth functioning of SDR-related operations.

Special drawing rights. --- Valuation. --- COVID-19 (Disease) --- Monetary policy. --- Economic aspects.

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This is both a practical and theoretical guide to the visualization techniques used by contemporary product designers, including freehand sketching, digital rendering, information graphics, and presentation skills.

Product design --- Technisch tekenen Ontwerpen --- Drawing -- Philosophy. --- Drawing, Psychology of. --- Freehand technical sketching -- Computer-aided design. --- Industrial design -- United States -- 21st century. --- Mechanical drawing -- Study and teaching (Higher). --- Mechanical drawing -- Technique. --- Product design -- Case studies. --- Rendering (Computer graphics). --- Space and time -- Design. --- Technical illustration. --- Visual texture recognition. --- produktdesign --- tegning --- produktdesignere --- designere --- industriell --- 745.4 --- productontwikkeling, productdesign --- Freehand technical sketching --- Rendering (Computer graphics) --- Illustration, Technical --- Computer graphics rendering --- Drafting, Mechanical --- Engineering drawing --- Industrial drawing --- Mathematical drawing --- Sketching, Technical --- Technical freehand sketching --- Technical sketching, Freehand --- Drawing --- Industrial design --- Mechanical drawing --- Space and time --- Visual perception --- Technical reports --- Illustration of books --- Photography --- Scientific illustration --- Space of more than three dimensions --- Space-time --- Space-time continuum --- Space-times --- Spacetime --- Time and space --- Fourth dimension --- Infinite --- Metaphysics --- Philosophy --- Space sciences --- Time --- Beginning --- Hyperspace --- Relativity (Physics) --- Computer graphics --- Commercial products --- New products --- Plans --- Technical drawing --- Geometrical drawing --- Graphic statics --- Projection --- Technical illustration --- Design, Industrial --- Design --- Engineering graphics --- Psychology --- Graphology --- Drawings --- Sketching --- Art --- Graphic arts --- Manual training --- Philosophy. --- Computer-aided design. --- Study and teaching (Higher) --- Technique. --- Design. --- Illustration --- Scientific applications --- Design and construction --- Visual texture recognition --- Technique --- Computer-aided design --- Psychological aspects --- E-books --- productdesign --- tekentechnieken --- 641 --- schetsen --- technisch tekenen --- Product design. --- Technisch tekenen ; Ontwerpen --- MAD-faculty 13 --- tekenen --- presentatietekenen --- presentatietechnieken --- drafting --- design [discipline] --- drawing and drawing techniques