Discussion: Chinese RMB becomes a reserve currency in the IMF

October 1 is a special day. It’s not just the anniversary of the foundation of the People’s Republic of China – this year, October 1 also marks a special start for China’s currency, the Renminbi. That’s because the currency will be included in the IMF’s reserve currency basket. It’s a milestone move, and marks the biggest change to the IMF’s SDR basket since the inclusion of the euro back in 1999. How will the move affect China, and what does the global economy have to gain? To get a sense of this, we speak with Liu Baocheng from the University of International Business and Economics, Mike Bastin from the University of Southampton, and Nicholas Lardy from the Peterson Institute for International Economics.

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