| China's accession to the International Monetary Fund's elite has left behind India, whose cautious approach to liberalisation means the rupee is unlikely to be a viable candidate for reserve currency status for at least a decade.
China has campaigned hard for inclusion in the benchmark currency basket, and the IMF's announcement on Monday that the yuan had been added was recognition of its global power status. Beijing has introduced a flurry reforms to ensure the yuan was considered "freely usable" in IMF parlance, meaning widely used in international transactions and commonly traded...............................................Full Article: Source
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