Yuan faces long haul to global prominence

Washington

THERE'S no doubt 2015 was a watershed year for the Chinese currency.

The yuan in May was judged no longer undervalued by the International Monetary Fund. Less than three months later, officials in Beijing roiled global markets with a surprise devaluation that triggered the currency's steepest decline in two decades. Before the year was over, the IMF decided to add it to its exclusive club of reserve currencies alongside the dollar, euro, pound and yen.