US Former Undersecretary of State: RMB inclusion into SDR very likely

At its meeting at the end of the month, the IMF executive board will decide whether to place Chinese currency the renminbi into the Special Drawing Rights (SDR) basket alongside the U.S. dollar, euro, pound, and yen.

In view of China’s recent financial market reforms and the internationalization of the RMB, an expert from a New York-based consulting firm, believed it was very likely that the RMB would become the fifth currency in the SDR basket.