Yuan goes into IMF's Special Drawing Rights basket
This should spur China to push for more structural reforms, but it seems this strategic importance has faded.
Add BT as a preferred sourceTHE yuan or renminbi joins the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket on Oct 1, which is also China's National Day. So the day is double-happiness for China.
For the world, the yuan's entry to the SDR basket seems to be much to do about nothing, with only a symbolic impact on both the global and Chinese economies. Even with the third largest weighting (10.92 per cent) in the basket, just behind the US dollar's 41.73 per cent and the euro's 30.93 per cent (see chart), the yuan remains an indirect, and tiny, part (0.27 per cent) of global reserves.
A drop in the ocean
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