More work needed before yuan put in SDR basket

WASHINGTON, D.C.: The International Monetary Fund (IMF) said on Tuesday (Wednesday in Manila) that it needs to do “significant work” in reviewing the inclusion of China’s currency in its basket of “special drawing rights” reserve currency.

The Chinese government is seeking to expand use of the yuan, also known as the renminbi (RMB), by having it included in the SDR, an international reserve asset that currently is comprised by four currencies: the dollar, euro, pound and yen.