IMF ready to turn the yuan into the basket of reserve currencies

WASHINGTON, October 26. /Corr. Anton Freaks/. The international monetary Fund (IMF) is ready to include the Chinese yuan in its basket of reserve currencies on the basis of which the Fund forms its own unit of account – the so-called special drawing rights. This was reported on Sunday Agency Reuters.

According to the Agency, in the report of the IMF, which makes recommendations to the Board of Directors of the organization, “provides a favorable opinion on the inclusion of the yuan in the basket”.

“Everything is going according to plan, there are no obvious political obstacles. Expert opinion cited in the report, is inclined to the inclusion of the Renminbi (the official name of the yuan) to the cart, but the decision rests with the Board of Directors”, – quotes Agency the sources in the organization.

However, the American side, which have in the IMF a blocking package of votes, is sceptical about this initiative. In the case of support of the report by the Board of Directors, the meeting which should pass in November, the yuan will be able to get to the basket only a year later in October 2016. Organization in August extended the current basket of nine months – from 31 December 2015 until 30 September 2016. The IMF revises the weights of these currencies in the basket every five years. Previously, the organization stressed that the international recognition of the yuan has to meet certain market criteria, but to achieve this, China must still perform a number of preconditions.