IMF reportedly set to elevate Yuan Nov. 30

“China’s currency is poised to enter the big leagues” alongside the dollar

China_KWN_Coin in Globe

The rumors that have been circulating in recent weeks have all but been confirmed: China’s yuan, or renminbi, currency is about to secure the IMF’s approval for world reserve status.

“China’s yuan is poised to enter the big leagues of global currencies, according to the judgment of the International Monetary Fund,” Bloomberg reported Nov. 13.

The IMF’s executive board is scheduled to decide Nov. 30 whether the yuan will be added to the group of global currencies that comprise its Special Drawing Rights basket. The U.S. dollar, the euro, the yen, and the pound already belong. The yuan would be set to join the IMF basket in about a year, in the first update to the fund’s SDR composition since 2001.

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