IMF to include yuan in SDR
(1 December 2015 – China) The International Monetary Fund (IMF) has announced that China's currency, the yuan, will be included in its Standard Drawing Rights (SDR) basket.
The IMF’s decision means the currency will will join the US dollar, euro, yen and the pound by October 1 2016. It said the yuan ``met all existing criteria''.
The fund’s chief Christine Lagarde said it was "an important milestone in the integration of the Chinese economy into the global financial system".
Logarde added it was also a recognition of the progress that the Chinese authorities have made in the past years in reforming China's monetary and financial systems.
The People’s Bank of China (PBOC) has been lobbying for the yuan to be included in the IMF’s basked for some time, and the move will placate the world's second largest economy.
"Going forward, China will continue to deepen and accelerate economic reforms and financial opening up, and contribute to promoting world economic growth, safeguarding financial stability and improving global economic governance," PBOC said in a statement.
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