The IMF makes the Yuan the world currency – MIRROR ONLINE

The Chinese Yuan is officially in the currency basket of the International monetary Fund. It is the first to be re-recorded since the introduction of the Euro.

Saturday, 01.10.2016 00:00

The Chinese Yuan is from Saturday, together with the Euro, the US Dollar, the Japanese Yen and the British pound part of the world currency basket. The Head of the International monetary Fund (IMF), Christine Lagarde, announced on Friday. The decision to include the Chinese currency had already fallen in February.

also known as The Renminbi-known Chinese currency is then represented with 10.9 percent in the currency basket. Among other things, the Euro had to give up shares. The British pound sterling currencies, with a share of only 8.1 percent in the future, the weakest of the five world’s reserve.

Lagarde called the recording of the Chinese currency as a “historic milestone”. “This is an important step towards the Integration of the Chinese economy in the global economic System,” said Lagarde.

the inclusion of The Yuan means the first expansion of the currency basket in its history since 1969 and the first new recording since the Euro has replaced the D-Mark and the French Franc. The basket holds the so-called special drawing rights, a kind of reserve currency in the countries foreign currencies exchange. The price of the IMF, the special drawing rights are not traded on the stock exchange.

asc/dpa/AFP

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