The IMF Confirms Yuan Inclusion In SDR Basket At 10.92% Weight (Above JPY & GBP)

zerohedge.com / by Tyler Durden on 11/30/2015 12:03

IMF staff earlier this month proposed that the yuan be added to the basket of currencies used to value the SDR, a reserve asset created by the institution in 1969, and today that decision is confirmed (as expected). The IMF’s Executive Board decision today means that the yuan will be included in the SDR basket from Oct. 1, 2016, effectively anointing the yuan as a major reserve currency and represents recognition that the yuan’s status is rising along with China’s place in global finance.

The IMF reviews the composition of the basket every five years. The fund rejected the yuan for inclusion during the last review, in 2010, saying the currency didn’t meet the necessary criteria. But now…

• *IMF APPROVES ADDING YUAN TO RESERVE-CURRENCY BASKET
• *IMF SAYS YUAN TO JOIN SDR BASKET EFFECTIVE OCT. 1, 2016
• *IMF SAYS YUAN MEETS `FREELY USABLE’ STANDARD
• *IMF STATEMENT DOESN’T SPECIFY WEIGHTING OF YUAN IN SDR BASKET
• *IMF SAYS CHINA IS EXPECTED TO HELP FACILITATE USE OF SDR
• *LAGARDE: ADDING YUAN RECOGNIZES CHINA’S PROGRESS ON REFORMS
• *LAGARDE SAYS CHINA TO IMPLEMENT MORE FINANCIAL REFORMS
• *IMF: YUAN TRADING UP SIGNIFICANTLY IN 2 OF 3 MAJOR TIME ZONES

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