China yuan's entry into SDR basket is starting point for financial reforms: PBOC

[BEIJING] A Chinese central bank official said on Friday the inclusion of the yuan into the Special Drawing Rights (SDR) would be a starting point for China's financial reforms.

Xing Yujing, director general of the No 2 monetary policy department of the People's Bank of China, told a news conference that yuan's admission into the SDR basket would help improve price discoverability for the currency.

Mr Xing said China would continue to steadily push forward yuan convertibility under the capital account.

The International Monetary Fund admitted China's yuan into its benchmark currency basket on Monday, a victory for Beijing's campaign for recognition as a global economic power.

REUTERS