IMF poised to put Chinese yuan in elite currency basket
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(Worthy News) – The International Monetary Fund is expected to approve inclusion of China’s yuan in its SDR basket of elite currencies on Monday, rewarding Beijing’s strong pursuit of the global status.
The IMF executive board is scheduled to meet Monday to decide on the recommendation by staff experts earlier in November to include the yuan, also known as the renminbi, alongside the US dollar, euro, Japanese yen and British pound in the grouping.
While not a freely traded currency, the SDR (special drawing right) is important as an international reserve asset, and because the IMF issues its crisis loans — crucial to struggling economies like Greece — valued in SDRs. [ Source ]
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