China hopes stamp of approval will improve yuan’s desirability among investors and undermine hegemony of US dollar as global reserve currency China’s efforts to make the yuan an international currency on a par with the US dollar is to get a fillip with the International Monetary Fund widely expected to add it to a special basket of global currencies.
Analysts say the shareholders in the Washington-based IMF will vote on Monday to include the yuan,also known as the renminbi, as the fifth member of its special drawing rights currency basket alongside the dollar, or the Japanese yen,sterling and the euro. Related: China ends three days of yuan devaluation Continue reading...
Source: theguardian.com