Lagarde supports landmark renminbi move

IMF chief recommends the currency joins its Special Drawing Rights basket, ahead of executive board meeting, paving the way for its adoption as a global reserve currency.

The renminbi has moved closer to joining the other top global currencies in the International Monetary Fund’s Special Drawing Rights SDR currency basket after the IMF's managing director Christine Lagarde and her staff gave the green light for the move.

Lagarde said the fund’s staff determined that the Rmb meets the requirements to be a “freely usable” currency and therefore proposes that the executive board include the Chinese currency in the SDR basket.

I support the staff’s findings,” Lagarde said in a statement on Friday, which was immediately welcomed by the People’s Bank of China PBoC, the country’s central bank. 

The...

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