The International Monetary Fund admitted China’s yuan into its benchmark currency basket on Monday, as expected, in a victory for Beijing’s campaign for recognition as a global economic power.
The decision to add the yuan, also known as the renminbi, to the Special Drawing Rights (SDR) basket alongside the dollar, euro, pound sterling and yen, is an important milestone in China’s integration into global finances and a nod to the progress it has made with reforms.
To meet the IMF’s criteria, Beijing has undertaken a flurry of reforms in recent months, including better access for foreigners to Chinese currency markets, more frequent debt issuance and expanded yuan trading hours.
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