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The yuan joins an elite currency club

ON OCTOBER 1st, the yuan joined the elite basket of currencies that together form the Special Drawing Right (SDR), a unit of account created by the International Monetary Fund (IMF). The designation represents an important “seal of approval” from the IMF and its 189-country membership, and marks a big milestone in the internationalisation of China’s currency. While the yuan is still far from being a major global reserve currency, inclusion in the SDR basket will help nudge it in that direction The IMF’s decision last November to add the yuan to the SDR basket, the first such change since the inclusion of the euro in 1999, was based less on the currency’s current standing than on what it may become.
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