China’s yuan set for IMF reserve status

International Monetary Fund agreed to add the Chinese yuan to its reserves basketin the biggest shake-up in more than three decades.By acknowledging the yuan as a major global currency alongside the dollar, euro, yen, and pound, as is widely expected.

Highlights of China’s Currency Yuvan :

• Chinese sources suggest adding the yuan to the IMF basket leaves economic conservatives better positioned to resist further significant reform in a reminder of the period following China’s entry to the World Trade Organization (WTO).
• The yuan has fallen almost 3 per cent against the dollar this year, on course for its biggest annual fall since its landmark 2005 revaluation.

Key points :

• China Capital : Beijing
• China President : Xi Jinping