IMF to include China’s RMB in SDR basket as a fifth currency

The International Monetary Fund (IMF) staff has proposed to include the Chinese currency, the RMB, into its special drawing right (SDR) currency basket as a fifth currency.

IMF chief Christine Lagarde said she supported the assessment, adding to expectations that the IMF board will also back the RMB.

The People’s Bank of China (PBOC), China’s central bank, has expressed its welcome to Lagarde’s support.

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