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The IMF Confirms Yuan Inclusion In SDR Basket At 10.92% Weight (Above JPY & GBP) | Zero Hedge

Reuters reports the weighting to be 10.92%, larger than JPY and GBP.IMF staff earlier this month proposed that the yuan be added to the basket of currencies used to value the SDR, a reserve asset created by the institution in 1969, and today that decision is confirmed (as expected). The IMF’s Executive Board decision today means that the yuan will be included in the SDR basket from Oct. 1, 2016, effectively anointing the yuan as a major reserve currency and represents recognition that the yuan’s status is rising along with China’s place in global finance. However, as politically-motivated as this decision may have been, now comes the hard part for China.

Source: The IMF Confirms Yuan Inclusion In SDR Basket At 10.92% Weight (Above JPY & GBP) | Zero Hedge


Categorised as: interesting

Posted by: Kramer

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