A U.S. $100 banknote is placed next to 100 yuan banknotes in this October 16, 2010 file illustration picture taken in Beijing. China's yuan may enter the International Monetary Fund's benchmark currency basket at a lower weighting than previously estimated as the IMF considers rejigging the basket to better reflect financial flows, people briefed on the Fund's discussions told Reuters. IMF policymakers are expected to add the Chinese currency to the Special Drawing Rights basket in late November 2015, after a campaign by Beijing for the yuan, or renminbi, to have equal billing with the dollar, euro, pound sterling and yen. REUTERS/Petar Kujundzic/Files

With the renminbi’s inclusion in IMF currency basket, the global financial system is set for a major shake-up

Peter Wong says the move is far more than symbolic; it is a major step in China’s quest for financial reform, and there’s more to come

Topic |   Yuan

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A U.S. $100 banknote is placed next to 100 yuan banknotes in this October 16, 2010 file illustration picture taken in Beijing. China's yuan may enter the International Monetary Fund's benchmark currency basket at a lower weighting than previously estimated as the IMF considers rejigging the basket to better reflect financial flows, people briefed on the Fund's discussions told Reuters. IMF policymakers are expected to add the Chinese currency to the Special Drawing Rights basket in late November 2015, after a campaign by Beijing for the yuan, or renminbi, to have equal billing with the dollar, euro, pound sterling and yen. REUTERS/Petar Kujundzic/Files
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