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IMF will include yuan in currency basket: Sources
http://atimes.com/2015/10/imf-will-include-yuan-in-currency-basket-sources/IMF will include yuan in currency basket: Sources
By Asia Unhedged on October 26, 2015
The yuan is in.
The International Monetary Fund is ready to give the green light to include the Chinese currency in the lender’s benchmark currency basket, laying the groundwork for a favorable decision by policymakers, inside sources told Reuters on Sunday.
In order for the IMF’s executive board to decide to put the yuan, also known as the renminbi (RMB) on par with the dollar, yen, euro and pound sterling it needs to be measured by IMF staff against a checklist of technical criteria. The decisions will be made in November, but no date has been set.
Three people briefed on the IMF discussions, who asked not to be named because of the sensitivity of the issue, spoke to Reuters and said a draft report from staff reached a favorable conclusion on including the yuan.