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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.

NZD/USD supported above hourly 50-SMA, NZ GDT in focus

The NZD/USD pair reverses a brief uptick to daily tops, although remains well above 0.73 handle as high oil prices continue to underpin the sentiment.
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EUR/USD – Stuck between 5-DMA and 50-DMA

EUR/USD appears stuck in the narrow range in the Asian session marked by 5-DMA and 50-DMA levels of 1.1161 and 1.1137 levels as investors wait on the
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