IMF targets formal review of Rmb by year-end

The International Monetary Fund said it will formally review the renminbi's inclusion in its basket of reserve currencies late this year, while its staff proposed extending the current SDR basket to next year as significant preparatory work needs to be done ahead of the final decision.

“The executive board of the IMF will formally discuss the review towards the end of the year,” Siddharth Tiwari, director of the IMF’s strategy, policy and review department, said in a statement.

Such a review requires a significant amount of preparatory work before the IMF staff can make a formal recommendation of the Rmb to the agency's board,...