| The United States feels China's yuan does not yet meet the standards for inclusion in the International Monetary Fund's basket of global currencies, Treasury Secretary Jack Lew said on Tuesday. The yuan's inclusion in the basket, which defines the value of the IMF's reserve assets, would add to China's global status while encouraging more central banks to hold the currency.
Currently the basket includes the dollar, the yen, the euro and the pound, and the IMF is reviewing the composition of the basket this year. Officials at the international lender look for a currency to be used heavily in international trade as well as freely convertible. Lew said that China had more work to do...............................................Full Article: Source |