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IMF approves China's yuan as reserve currency
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IMF Managing Director Christine Lagarde said the yuan's new designation is a recognition of China's progress in reforming its monetary and financial systems.
The International Monetary Fund has approved China's yuan as a reserve currency, adding it to the Special Drawing Rights basket, which already includes the dollar, euro, pound and yen, Bloomberg reported Nov. 30.
The decision, the first change in the SDR basket since the addition of the euro in 1999, will take effect Oct. 1, 2016.
IMF Managing Director Christine Lagarde said the yuan's new designation is a recognition of China's progress in reforming its monetary and financial systems.
While the selection represents an international victory for China, the fear of inciting social instability has long hindered economic and structural reform domestically.
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