Yuan as reserve currency: IMF to take more time to consider

Tokyo

IN a move seen as paving the way for the Chinese yuan to join the elite group of currencies that are special-reserve asset currencies, the executive board of the International Monetary Fund (IMF) has opted for more time to consider the issue.

The basket of currencies called the IMF's Special Drawing Rights (SDRs) is reviewed every five years, with the last review having been in 2010. A decision to include the yuan in the latest review - joining the dollar, the pound, the yen and the euro - would normally have had to be made by the end of this year.