| If China’s yuan joins the International Monetary Fund’s benchmark currency basket, changes in its economy will probably be felt more deeply in Asian financial markets, a senior IMF official said. Changyong Rhee, director of the IMF’s Asia and Pacific Department, said estimated spillovers from China to other regional economies were already larger than expected and this could be exacerbated if the yuan, also known as the renminbi, joins the Special Drawing Rights basket.
The IMF’s executive board is due to decide in November on Beijing’s bid for the yuan to have equal billing with the dollar, euro, yen and pound sterling, and Rhee stressed he did not want to pre-judge that decision...............................................Full Article: Source
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