Tuesday, June 16, 2015

News Note: IMF Team in China to Assess Reserve Currency Status for Yuan

The BRICSPOST provides this brief news update stating that an IMF team is in China to assess adding the Yuan into the SDR currency basket later this year. Below are some quotes from the article.


"The International Monetary Fund, which holds the key to the Chinese yuan becoming an international reserve currency through a review of its Special Drawing Rights basket, has sent a team to Beijing on Monday.
An IMF statement on Monday said the team will discuss the technical aspects of including the yuan as a reserve currency with Chinese officials.
The five-yearly review of the SDR basket is due by year-end.
IMF Managing Director Christine Lagarde has said earlier that the real question is ‘when’ not ‘if’ the yuan qualifies.
Germany, Australia and France have supported the yuan’s bid to be added."

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