IMF lifts Chinese yuan's weighting in basket of top currencies

Politics Economy

The International Monetary Fund has lifted the Chinese yuan's weighting in its elite basket of reserve currencies to 12.28 percent from 10.92 percent, the country's central bank said Sunday. In its first regular review of the evaluation of the IMF's special drawing rights, or SDR, since the yuan was included in the basket in 2016, the Washington-based organization has decided to raise the status of the Chinese currency, also known as the renminbi. The updated basket weights will come into effect on Aug. 1, the People's Bank of China said in a statement, adding that the next SDR review is sched...

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