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Yuan to Be Listed Separately in IMF foreign exchange Database

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imfWashington:The International Monetary Fund (IMF) announced it will separately identify the Chinese yuan in its quarterly survey of the composition of foreign exchange reserves (COFER) from October 1.

Currently, the currencies identified in COFER are the US dollar, the pound sterling, the Japanese yen, the Swiss franc, the Canadian dollar, the Australian dollar and the euro, Xinhua news agency reported on Saturday.

This move recognises the continuing internationalisation of the yuan, facilitated by China’s reforms to promote a more market-based economy, the IMF said on Friday.

It means that IMF members could record their holdings of yuan-denominated official reserves as in the COFER survey.

The COFER lists the currency composition of holdings of foreign exchange reserves across the IMF members in the form of statistical aggregates. The IMF publishes the COFER data quarterly and its members voluntarily participate in the COFER survey.

When the IMF’s executive board determined the yuan to be a freely usable currency and decided to include it in the Special Drawing Right (SDR) basket last November, they also underscored the importance of making efforts to address remaining data gaps ahead of the next SDR review.

The IMF board on February 26 agreed to identify the yuan in the COFER survey in order to address data gaps.

The first batch of data with a separate identification for yuan-denominated reserves will be published at the end of March 2017, said the IMF.

As the foreign reserves listed in the COFER survey do not include holdings of the currency of the issuing country, the yuan assets of China’s central bank are not foreign reserves and therefore are not included in COFER, according to the IMF.

China reported its foreign reserve portfolio to the IMF for the first time last September, in an effort to improve its data disclosure transparency.

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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