| The market doubts it, but it is possible that the Chinese currency, the renmimbi (RMB), may become part of the International Monetary Fund’s special drawing rights, the multilateral institutions basket currency. That could be the match the lights the renmimbi rocket in the years ahead as a global reserve currency, likely replacing the Japanese yen and Great Britain pound in the currency hungry emerging market central banks.
The IMF Managing Director Christine Lagarde said they will make a decision about the RMB on Nov. 30. A few months ago, media reports suggested that people inside the IMF were saying that the Chinese currency was not yet ready for the big time...............................................Full Article: Source
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