Monday, November 16, 2015

IMF staff recommends yuan inclusion in the fund’s SDR reserve-currency baske

FXStreet (Bali) - News from the International Monetary Fund, recommending inclusion of the yuan in the Special Drawing Rights, hit the wires over the weekend.

The IMF staff assessed that the RMB now meets the requirements after Chinese authorities addressed all remaining operational issues. Unless any setback, the Chinese Yuan will be the fifth to be included it in the SDR basket, together with the British pound, Euro, Japanese yen, and the U.S. dollar.

According to IMF chief Christine Lagarde: "I support the staff's findings. The decision, of course, on whether the RMB should be included in the SDR basket rests with the IMF's Executive Board. I will chair a meeting of the Board to consider the issue on November 30."
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