Friday, November 13, 2015

IMF Backs Renminbi to Join Elite Basket

The International Monetary Fund’s staff has recommended that China’s renminbi should join the elite basket of currencies used to value its own de facto currency, reports FT.

If approved, as expected, at a November 30 board meeting, it would mark the first significant change to the IMF’s “Special Drawing Rights” (SDR) basket since the inclusion of the euro at its creation in 1999.


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