Monday, November 30, 2015, Washington D.C. – The International Monetary Fund (IMF) announced that China's currency renminbi (RMB) is eligible for joining the Special Drawing Rights (SDR) basket as an international reserve currency. It brings the renminbi into an exclusive group of currencies that make up the IMF's own reserve basket, which is currently comprised of the U.S. dollar, the euro, the British pound and the Japanese yen. The inclusion of the RMB will take effect Oct. 1, 2016, the IMF said in a press release.
Xu Chen, Chairman of China General Chamber of Commerce – U.S.A. (CGCC), CGCC Finance Committee, and President & CEO of Bank of China USA welcomes this important decision made by IMF. Xu believes this is a significant milestone for the overseas development of Chinese enterprises. It would enhance the representation of SDR and improve the current international current system.
Photo Source: Xinhuanet
