Monday, October 3, 2016

More Signs That China Is Rising As A Superpower

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Reuters: China's yuan joins elite club of IMF reserve currencies

China's yuan joins the International Monetary Fund's basket of reserve currencies on Saturday in a milestone for the government's campaign for recognition as a global economic power.

The yuan joins the U.S. dollar, the euro, the yen and British pound in the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. It marks the first time a new currency has been added since the euro was launched in 1999.The IMF is adding the yuan, also known as the renminbi, or "people's money", on the same day that the Communist Party celebrates the founding of the People's Republic of China in 1949.

"The inclusion into the SDR is a milestone in the internationalization of the renminbi, and is an affirmation of the success of China's economic development and results of the reform and opening up of the financial sector," the People's Bank of China said in a statement.

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More News On China’s Yuan Joining The IMF Reserve Of Currencies

Yuan finds place behind dollar and euro -- DW
China’s Yuan Joins IMF Reserves in First Revision Since 1999 -- Bloomberg
Yuan Added To IMF Basket, Dollar Dominates -- Barrons
China's yuan officially joins the SDR -- Business Insider
Much To The Dismay Of China Haters, The Yuan Goes Global On Oct. 1 -- Forbes
Chinese Yuan’s Ascent to Global Reserve Status: A Timeline -- Bloomberg

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