China's yuan takes leap towards joining IMF currency basket
Source: Reuters
China's yuan moved closer to joining other top global currencies in the International Monetary Fund's benchmark foreign exchange basket on Friday after Fund staff and IMF chief Christine Lagarde gave the move the thumbs up.
The recommendation paves the way for the Fund's executive board, which has the final say, to place the yuan CNY=CFXS CNY= on a par with the U.S. dollar .DXY, Japanese yen JPY=, British pound GBP= and euro EUR= at a meeting scheduled for Nov. 30.
Joining the Special Drawing Rights (SDR) basket would be a victory for Beijing, which has campaigned hard for the move, and could increase demand for the yuan among reserve managers as well as marking a symbolic coming of age for the world's second-largest economy.
Read more: http://www.reuters.com/article/2015/11/14/us-imf-china-yuan-idUSKCN0T22OC20151114#PtwSrFtjOm17GhSJ.97
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