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Trichet says currency convertibility is ticket into SDR

Published 03/31/2011, 04:52 AM
Updated 03/31/2011, 05:00 AM

NANJING, China, March 31 (Reuters) - Currencies should be fully convertible and freely floating to gain inclusion in the basket that forms the Special Drawing Right, European Central Bank President Jean-Claude Trichet said on Thursday at the conclusion of a G20 forum in China.

"A number of conditions are probable necessary for the RMB or any new currency to enter into the basket. And these conditions, I think, would be full convertibility and free-floating," he told reporters. The RMB is another name for China's yuan currency.

Asked about Portugal's debt woes, Trichet said he had no comment. (Reporting by Jason Subler; Editing by Ken Wills)

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