SDRs By The Numbers.

The Chinese Yuan was newly admitted to the International Monetary Fund’s Special Drawing Rights Currency Basket (SDR) on November 30, 2015.

Weighting of the Yuan will be 10.9% of the SDR.

Euro weighting was reduced from 37.4% to 30.93%; yet the Eurozone has 34.4% of GDP and nearly half of the gold of the countries whose currencies constitute the SDR.

U.S. dollar weighting remained virtually unchanged at 41.73% and has 32.3% of GDP and 37.5% of the gold of the countries whose currencies constitute the SDR.

China has 19.3% of the GDP and 7.9% of the gold of the countries whose currencies constitute the SDR.

Changes in weighting will take effect on October 1, 2016.

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Currency Weighting of SDRs 2005 – 2015

On November 30, 2015, the IMF announced changes to the SDR. The addition of the Chinese Yuan resulted in reduced percentages of all the existing currencies in the SDR (U.S. Dollar, Euro, Japanese Yen and the British Pound).

To make room for the Chinese Yuan, the U.S. Dollar and British Pound weightings were reduced by small amounts. The U.S. Dollar went from 41.9% of the SDR in 2010 to 41.73% in 2015. The British Pound was reduced from 8.3% to 8.09%. The Japanese Yen was reduced from 9.4% to 8.33%.

The Euro took the biggest haircut from 37.4% of the SDR in 2010 to 30.93% in 2015.

For background on the SDR, click here.

The recent addition of the Chinese Yuan to the SDR came at the expense of a substantial reduction in the Euro’s weighting.

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SDR Percentage, Gold Percentage and GDP Percentage By Country

The currency weightings of the SDR are loosely related to the Gross Domestic Product (GDP) and gold holdings of the countries whose currencies are represented by SDRs.

The correspondence, however, is not always close to one to one.

Under represented:

The Eurozone holds 49.7% of all gold of SDR countries, yet the Euro’s latest SDR weighting is 30.93%.

China has 19.3% of the GDP of SDR countries, yet its SDR weighting is 10.92%.

Over represented:

The United Kingdom has just 1.4% of the gold of SDR countries and 5.4% of their GDP, yet its SDR weighting is 8.09%.

The United States has 37.5% of the gold of SDR countries and 32.3% of their GDP, yet its SDR weighting is 41.73%.

Large gold holdings and GDP numbers don’t translate to one to one SDR weighting.

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Gold Holdings of the SDR Countries

Eurozone nations hold over 10,000 tonnes of gold.

For more detail on the Top 40 gold holding nations, click here.

Total Gold Held by SDR Countries

SDR countries hold over 21,000 tonnes of gold.

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Percentage of gold holdings by SDR Country

The Eurozone has nearly half of all the gold represented by countries in the SDR.

SDR Countries vs Total Central Bank Gold Holdings

The SDR countries hold two thirds of all the gold held by central banks.

GDP of the SDR Countries

The Eurozone, U.S. China and Japan are the top four countries (in order) as measured by GDP.

Total GDP of the SDR Countries

SDR countries have a combined total GDP over $53 trillion.

Percentage of GDP by SDR Country

The Eurozone and the U.S. each account for about a third of the GDP of the overall GDP of the SDR countries.

GDP of the SDR Countries vs Global GDP

The SDR countries account for 70% of the world’s GDP.

Next up, an analysis of the BRICS nations’ (Brazil, Russia, Indian, China and South Africa) GDP and gold holdings.

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