The International Monetary Fund (IMF) has announced the launch of a new Special Drawing Right (SDR) basket including the Chinese yuan, hailing it a “historic milestone” for China, the IMF and the international monetary system. The renminbi will be considered by the international community as a freely usable international currency, and will join the basket of the Special Drawing Right (SDR) as a fifth currency, along with the US dollar, the euro, the yen and the British pound. Managing Director of the IMF, Christine Legarde said “the Renminbi’s inclusion reflects the progress made in reforming China’s monetary, foreign exchange, and financial systems, and acknowledges the advances made in liberalizing and improving the infrastructure of its financial markets.” The IMF has decided that the weights of each currency would be 41.73 percent for the US dollar, 30.93 percent for the Euro, 10.92 percent for the Chinese yuan, 8.33 percent for the Japanese yen, and 8.09 percent for the Pound sterling.
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