The currency’s entry into the International Monetary Fund’s Special Drawing Rights –alongside the dollar, euro, pound and the yen―comes amid China’s efforts to boost its international usage and ambitions of providing an alternative to the dollar. Describing the inclusion as a “historic milestone,” IMF Managing Director Christine Lagarde said in a statement Friday that it reflects the progress that the Asian country has made in reforming its financial systems and liberalizing markets.
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MF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency AmountsSeptember 30, 2016
Today, the International Monetary Fund (IMF) announced the launch of the new Special Drawing Right (SDR) valuation basket including the Chinese renminbi (RMB), and the new currency amounts that will determine the value of the SDR during the new valuation period.