China's yuan will likely join IMF's reserve-currency basket# Stock
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China's yuan will likely join IMF's reserve-currency basket: Bloomberg
Published: Oct 23, 2015 1:19 p.m. ET
By
Joseph
Adinolfi
Markets reporter
China's yuan will likely be admitted to the International Monetary Fund's
Special Drawing Rights basket,Bloomberg reported Friday. Inclusion of the
yuan, also known as the renminbi, would confer de facto reserve status on
the currency, something China has long coveted, and likely encourage central
banks to increase their holdings of yuan USDCNY, -0.0315% reserves. IMF
representatives have alerted China of the possible outcome, Bloomberg
reported, citing Chinese officials with knowledge of the matter. The SDR
basket currently includes four currencies, the dollar, pound, yen and euro,
which together determine the value of an SDR, a reserve asset created by the
IMF to smooth over liquidity issues between central banks.
Published: Oct 23, 2015 1:19 p.m. ET
By
Joseph
Adinolfi
Markets reporter
China's yuan will likely be admitted to the International Monetary Fund's
Special Drawing Rights basket,Bloomberg reported Friday. Inclusion of the
yuan, also known as the renminbi, would confer de facto reserve status on
the currency, something China has long coveted, and likely encourage central
banks to increase their holdings of yuan USDCNY, -0.0315% reserves. IMF
representatives have alerted China of the possible outcome, Bloomberg
reported, citing Chinese officials with knowledge of the matter. The SDR
basket currently includes four currencies, the dollar, pound, yen and euro,
which together determine the value of an SDR, a reserve asset created by the
IMF to smooth over liquidity issues between central banks.
