China seen winning IMF's reserve-currency endorsement for yuan

Hong Kong

CHINA's goal to attain endorsement of the yuan as a reserve currency will be achieved this year, according to most economists surveyed by Bloomberg.

Eleven out of 16 polled by Bloomberg in the June 18-24 period predict the International Monetary Fund (IMF) will add the Chinese currency to its Special Drawing Rights (SDR) basket at a review in October. The Washington-based institution rejected the yuan in 2010 on the grounds it was not "freely usable".

Global yuan adoption is on the rise as China gradually opens up its domestic capital market to foreign investors and expands a network of lenders that clears trades in the unit. The yuan, officially called the renminbi, overtook the euro in 2013 as the world's second-most used in trade finance and was the fifth most-popular for global payments in May, according to the Society for Worldwide In…