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Renminbi turbulence had endangered IMF’s decision

Last year China experienced severe turbulence in both the stock and foreign exchange market, with the scare threatening the RMB’s inclusion in the SDR basket. Following the People’s Bank of China and finance ministry vowed to maintain the RMB’s stability, the exchange rate fluctuated within a safe range and eventually settled. On November 30 of last year, the IMF’s Executive Board voted unanimously to include the RMB into the SDR basket. Former deputy managing director, Zhu Min, witnessed the historical moment.

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