The yuan makes its entry to the club of the main international currency reserves by joining the unit of account of the International Monetary Fund. An ambition that China has cultivated for years. Shareholders in the International Monetary Fund voted on Monday to let the Chinese yuan (CNY) into the fund’s basket of reserve currencies. It will now be a member in the IMF’s elite club called the Special Drawing Rights (SDR).
Continue reading The Chinese yuan recognized as worldwide change currency by the IMF (INTERNATIONAL MONETARY FUND)
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