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Chinese Yuan Ranks Among World Currencies

4. 12. 2015

IMF has decided to rank a Chinese Yuan among capital world currencies. The Decision is a milestone for integration of Chinese economy into a world financial system, according to Christine Lagarde, head of IMF. Yuan will become a part of a currency basket from October 2016 and will be stand by US dollar, euro, Japanese yen and British pound. 

Yuan will become a part of a currency basket from October 2016

According to Reuters agency, the decision is a victory for Beijing in a battle for recognition of China as a global economic power. China is the second largest economy in the world after USA.

Based on a constitution of its currency basket, IMF derives a value of its monetary and account units called special drawing rights. The Basket was last changed in 2000 when German and French Mark was replaced by euro.

Yuan has fulfilled all necessary criteria to be ranked into the basket of key international currencies. “It´s a step of recognition of progress which Chinese offices have done when reforming a Chinese monetary and financial system,” Lagarde reported.

Some economists mean that ranking Yuan into a basket of key international currencies will support Chinese economy because it will succeed to make foreign participation on Chinese financial markets stronger.

Source: novinky.cz

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