Jose Angel Gurria, Secretary General of the Paris-based Organization for Economic Cooperation and Development (OECD) has “warmly welcomed” moves to internationalize the Chinese currency, but ruled out the possibility that the appreciation of the renminbi yuan will reduce the trade imbalance between China and the United States. “Quicker  internationalization of the renminbi could be China’s contribution to rebuilding the global monetary order,” Gurria said. Although the Chinese government has yet to announce a roadmap for internationalization of the yuan, it has begun the process through currency swaps and by using the currency for foreign-trade settlements. The U.S. agreed to support the inclusion of the yuan in the IMF’s Special Drawing Rights (SDR).