The Renminbi as an IMF Reserve Currency

... country’s monetary and financial systems. The decision comes into force on October 1, 2016. Up until now, the reserve currencies in the Special Drawing Rights (SDR) basket [1] were the U.S. dollar, the euro, the British pound and the Japanese yen. The IMF has announced that the renminbi’s share of the basket will be 10.92 per cent, bigger than that of the British pound (8.09 per cent) and the Japanese yen (8.33 per cent). The U.S. dollar, though, with a diminished share (41.73 per cent) remains the largest reserve currency,...