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1st LD: IMF decides to include China's RMB in SDR basket

Xinhua, December 1, 2015 Adjust font size:

The International Monetary Fund (IMF) announced on Monday that China's currency renminbi (RMB) is eligible for joining the Special Drawing Rights (SDR) basket as an international reserve currency.

It brings the renminbi, or the yuan, into an exclusive group of currencies that make up the IMF's own reserve basket, which is currently comprised of the U.S. dollar, the euro, the British pound and the Japanese yen.

The inclusion of the RMB will take effect Oct. 1, 2016, the IMF said in a press release.

Christine Lagarde, managing director of the IMF, said, "The Executive Board's decision to include the RMB in SDR basket is an important milestone in the integration of the Chinese economy into the global financial system."

"It is also a recognition of the progress that the Chinese authorities have made in the past years in reforming China's monetary and financial systems," she said. Enditem