The IMF’s Executive Board has approved the Chinese yuan to join the SDR currency basket. It takes a larger percentage than GBP and JPY in the basket at 10.92%. This decision means that the yuan will be included in the SDR basket from Oct. 1, 2016, effectively acknowledging the yuan as a major reserve currency.
It will be interesting to watch what happens this week in China. Have to see how it plays out.
No comments:
Post a Comment