The cat is out of the bag. China will join the club of nations whose currencies make up the international reserve basket.
The basket is called Special Drawing Rights (SDR) and the International Monetary Fund reviews its contents every five years, including 2015.
Tipped for an inclusion this year, China’s yuan has finally gotten the nod.
“The renminbi meets the requirements to be a ‘freely usable’ currency and, accordingly, the staff proposes that the executive board … include it in the SDR basket as a fifth currency,” IMF Managing Director Christine Lagarde stated on Nov. 13.
The final decision by the IMF executive board on Nov. 30 will be a mere formality.
And yet, nobody is getting excited about the move previously lauded as landmark progress.
https://archive.is/HhHV6
http://www.theepochtimes.com/n3/1901186-imf-to-include-china-in-sdr-basket/