| On Nov. 30, the executive board of IMF will convene to decide whether the RMB should be included in its Special Drawing Right (SDR) basket, currently comprised of the euro, U.S. dollar,Japanese yen and British pound. Inclusion is now just a formality, according to J.P Morgan China Chief Economist Haibin Zhu, an opinion shared by many.
A number of members in the IMF have explicitly supported RMB inclusion. U.S. treasury secretary Jacob Lew will support the yuan's bid if the currency meets IMF criteria. Britain has also backed inclusion and IMF managing director Christine Lagarde issued a statement recommending the move on Nov. 13. Four days later, she reiterated her support on the sidelines of the G20 summit in Turkey...............................................Full Article: Source
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