18.11.2015 - The yuan as a global reserve currency? Don’t hold your breath
The IMF is already clearing a berth in its basket of reserve currencies for the Chinese yuan. Once official, the yuan will be the first new currency to be added to the IMF’s special drawing rights (SDR) currency basket since the modern SDR system began in 1981. (The euro replaced the Deutsche mark and the French franc in 1999). The Wall Street Journal hails the approval (paywall) as a “milestone in China’s efforts to establish the country as a global economic power.” That’s probably overstating things a tad. The re-weighting will boost demand for yuan-denominated assets by at most $40 billion, says Societe Generale...............................................Full Article: Source
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