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Chinese Yuan Gets Reserve-Currency Status

IMF decision may help open up China's financial markets and accelerate reforms.

By Andrew Mayeda, Bloomberg | Updated on November 30, 2015

The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe, and Japan.

The International Monetary Fund’s (IMF’s) executive board, which represents the fund’s 188 member nations, decided the yuan meets the standard of being “freely usable” and will join the dollar, euro, pound, and yen in its Special Drawing Rights (SDR) basket, the organization said Monday in a statement. Approval was expected after IMF Managing Director Christine Lagarde announced Nov. 13 that her staff recommended inclusion, a position she supported.

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