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IMF Lifts Chinese Yuan to Elite Lending-Reserve Currency Status

Dec 01 , 2015

The International Monetary Fund on Monday is adding the Chinese yuan to the basket of elite currencies comprising its lending reserve, marking a milestone in the country’s ascendancy as a global economic power.

Many China watchers say the IMF’s decision is in large part a political one designed to encourage stronger economic overhauls in the world’s No. 2 economy.

“It’s a milestone in a journey that will include certainly more reforms,” IMF Managing Director Christine Lagarde said after the board approved the yuan’s inclusion.



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