PIIE expert: SDR inclusion important for China

The IMF executive board on Monday approved the inclusion of the RMB into its Special Drawing Rights(SDR) basket as a fifth currency, along with the U.S. dollar, the euro, the yen and the pound, marking a milestone in the RMB global march.

Angel Ubide, senior fellow at the Petersen Institute for International Economics, said the SDR inclusion is an important milestone in the integration of the Chinese economy into the global financial system.

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