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China retains IMF reserve-currency backing

Support from big economies is key for yuan to join fund's SDR basket of currencies

Published Sun, Aug 9, 2015 · 09:50 PM

Paris

CHINA has retained the support of some major economies to win International Monetary Fund recognition of the yuan as a reserve currency, even as an IMF staff report assessed that it hasn't cracked the ranks of the most widely-used global counterparts.

Germany reiterated backing for the status "provided the necessary criteria are met", while Brazil's IMF representative said the yuan is moving towards qualifying and Russia said its view is based on China's position. The comments followed a preliminary IMF staff report on Tuesday saying that the yuan trailed other currencies in measures of global use and that "significant work" in analysing data was needed.

The support from large economies will be key to IMF approval for adding the yuan, also known as the renminbi, to join the dollar, euro, yen and pound in the group that makes up the fund's Special Dr…

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