Wednesday, December 2, 2015

Elite Reserve Currency

International Monetary Fund (IMF) included China's Yuan into its elite reserve currency basket.Yuan also known as the Chinese Renminbi (RMB) was included in the basket after it met the existing criteria for its inclusion. The action was taken after the executive board at IMF completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR).Yuan will be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the US Dollar, Euro, Japanese Yen and British Pound.

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