Yuan Joins Dollar, Pound, Yen, Euro as Reserve Currency

China's currency formally joins the U.S. dollar, the euro, the Japanese yen, and the British pound as a global reserve currency on October 1. The International Monetary Fund will include the yuan, also known as the renminbi, in a "basket" of currencies that makes up the reserves that the IMF uses to help manage economic problems. Analysts say China sought inclusion in the SDR basket as a recognition of its large and growing role in the global economy, and the decision to...

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