Saturday, October 08, 2016

Chinese Currency Now Part Of IMF's Special Drawing Rights, Won't Speed Reforms

IMF official lauds RMB joining elite world currencies

The inclusion of the Chinese currency into the International Monetary Fund's Special Drawing Rights basket will not only help China's financial reforms but the evolution of the international financial system, according to IMF officials and think-tank economists. Zhang Tao, the new deputy managing director of the IMF, said inclusion of the Chinese currency, the renminbi, makes…