Sunday, 29 November 2015

IMF to Make Chinese Yuan Reserve Currency in Historic Move

THE SUNDAY TELEGRAPH: Renminbi will join basket of elite currencies including dollar, pound, euro and yen

The International Monetary Fund is to give the yuan a historic vote of confidence on Monday when it includes the Chinese currency in its elite club of major currencies.

The yuan, also known as the renminbi, is widely expected to be added to the IMF’s group of international reserve currencies after an IMF meeting held by its managing director Christine Lagarde.

It comes after lengthy efforts by Chinese officials to legitimise the yuan, which critics say has been kept artificially cheap to artificially boost exports in the world’s second-largest economy.

China has lobbied hard for the currency to be included in the list, which at present is made up of just the dollar, the euro, the pound and the Japanese yen. The list has not been altered since 2000, when the euro replace[d] the franc and deutschmark. Read on and comment » | James Titcomb | Sunday, November 29, 2015