BEIJING, March 31 (Reuters) - The one-day G20 seminar in China more than fulfilled expectations, with progress towards including developing countries' currencies in the Special Drawing Right, German Finance Minister Wolfgang Schaeuble said on Thursday.
At the conclusion of a forum of the Group of 20 wealthy and emerging economies, Schaeuble said that expanding the basket that comprises the SDR, the International Monetary Fund's unit of account, would help stabilise the global currency system.
Bundesbank board member Andreas Dombret said that while he favoured bringing more currencies into the SDR, including China's yuan, certain conditions had to be met.
"That includes the free convertibility of a currency," he told reporters.
But Schaueble said that he expected more progress during the French presidency of the G20, which runs until the end of this year.
"I believe we made a lot of progress in this direction today. I am confident that a lot will be achieved in this direction in the French presidency," he said.
Schaueble also said that he disagreed with the view that there was too little cash in the global economy, saying that the key was to get what money is already out there to flow to where it is most needed.
"I am not very open for ideas to create more liquidity but rather for a better distribution of liquidity," he said. (Reporting by Annika Breidthardt; Editing by Ken Wills)