| One month before China’s renminbi is formally included in the currency basket of the International Monetary Fund’s Special Drawing Rights, or SDRs, analysts and currency traders say their concerns about the yuan’s volatility have eased. “It’s the beginning of a new era for the yuan to play a bigger role in the global financial system,” said Candy Ho, the global head of RMB business development at HSBC in Hong Kong.
While the yuan is still not freely convertible into other currencies, and the government still exerts tight control over cross-border capital flows, the prospects for further liberalisation are positive, analysts said...............................................Full Article: Source
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