IMF Move on Yuan Shows That Excluding China Is a Losing Bet

International Monetary Fund Managing Director Christine Lagarde during a news conference, Washington, Nov. 30, 2015 (AP photo by Susan Walsh).
International Monetary Fund Managing Director Christine Lagarde during a news conference, Washington, Nov. 30, 2015 (AP photo by Susan Walsh).
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On Monday, the Executive Board of the International Monetary Fund (IMF) voted to add China’s currency, the yuan or renminbi, to a very short list of elite global reserve currencies. Next fall, the yuan will officially be added to the IMF’s Special Drawing Rights (SDR) basket of currencies, which presently includes just the dollar, euro, yen and pound sterling. In part, the decision reflects the undeniable reality of China’s economic rise. However, the decision is also a pragmatic, perhaps even savvy, move by the IMF and the United States to further incorporate China into an international financial order that largely […]

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