| China will need to keep improving the transparency of its exchange rate regime once its yuan achieves reserve status as part of the International Monetary Fund's currency basket on Oct 1, IMF officials said on Wednesday. The designation will make the yuan a "freely usable currency" in the eyes of the IMF, available for loans to IMF members and for repayments.
The yuan, also known as the renminbi, will join the dollar, euro, yen and British pound in the "special drawing rights" basket that forms the IMF's unit of account. Relative amounts of these currencies will be fixed for five years on Sept 30 to achieve weightings determined last year...........................................Full Article: Source
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