IMF approves China’s yuan as elite reserve currency

Christine Lagarde, IMF MD

30 November 2015, Lagos – The International Monetary Fund welcomed China’s yuan into its elite reserve currency basket on Monday, recognizing the ascendance of the Asian power in the global economy.

The yuan, also known as the renminbi, will join the US dollar, euro, Japanese yen and British pound in the basket of currencies the IMF uses as an international reserve asset.

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