| With the Chinese yuan having joined the elite club, others could follow, complicating matters further for the IMF. On November 30, the International Monetary Fund announced its decision to include the RMB or the yuan as the fifth currency in the SDR basket that is currently composed of the following four currencies: the US dollar, the euro, the Japanese yen and the British pound.
Besides, the IMF has assigned a weight of 10.97 per cent for the Chinese currency above the Japanese yen and the pound sterling. This places the RMB in third position after the dollar and the euro, which have been assigned 41.73 per cent and 30.93 per cent weights respectively, while the Japanese yen and the pound sterling have been assigned a weight of 8.09 per cent each. The new weights will be effective October 1, 2016...............................................Full Article: Source
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