The yuan included in the basket of reserve currencies by the IMF

The yuan included in the basket of reserve currencies by the IMF


WASHINGTON, November 30. /Corr. Andrew Shitov/. The Chinese yuan included in the basket of reserve currencies by the IMF. This was announced by the managing Director of the Fund Christine Lagarde to the headquarters of the IMF in Washington. The decision will come into force on 1 October 2016.

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© Alexander Demyanchuk/TASS

Sources: Central Bank of the Russian Federation has included the Chinese yuan in the basket of reserve currencies

“The decision of the Board of Directors to include the yuan in the basket of reserve currencies is an important milestone in the integration of the Chinese economy in the global financial system – she pointed out. – It is also a recognition of the progress that the Chinese authorities have made in recent years in reforming monetary and financial systems of China. The continuation and deepening of these efforts will create a more stable international monetary system, which, in turn, will support growth and stability in China and the world economy”.

The decision of the Board of Directors was taken following a regular quinquennial review of the basket of reserve currencies. Today, the Council decided that the Chinese yuan meets all required criteria and is a “freely usable currency”. Deferring its inclusion in the basket until October 1 of next year, according to the Foundation, “will give all the necessary time to adapt to the changes”.

Continue in the currency basket of currencies the IMF will be the U.S. dollar, Euro, Japanese yen, British pound and Chinese yuan. According to the rules of the IMF, the authorities of the countries issuing these currencies are obliged to pursue a policy that facilitates for the Fund and other countries using their currencies.