Which country’s currency has officially joined elite Club of International Monetary Fund (IMF) reserve currencies?
The Chinese currency “Yuan” has officially become a member of the International Monetary Fund (IMF)’s basket of global reserve currencies. With this, yuan has joined the U.S. dollar, the euro, the yen and British pound in the IMF’s Special Drawing Rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. The yuan is the first to be added to SDR since the euro in 1999. China will use this opportunity to further deepen economic reforms and open up the sector to promote global growth.