20 Aug 2015
Yuan inclusion in IMF's SDR basket not until Oct 2016
FXStreet (Bali) - The inclusion of the Yuan as part of the IMF's benchmark currency basket (the Special Drawing Rights basket or SDR) may have to wait for another year or so, according to the latest reports.
As Reuters notes: "The IMF said on Wednesday it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies.
"The IMF board is scheduled to decide in November whether the yuan will join the Special Drawing Rights basket. The decision announced in a statement on Wednesday, however, would defer the implementation of any move to include the yuan", Reuters adds.
As Reuters notes: "The IMF said on Wednesday it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies.
"The IMF board is scheduled to decide in November whether the yuan will join the Special Drawing Rights basket. The decision announced in a statement on Wednesday, however, would defer the implementation of any move to include the yuan", Reuters adds.