YUAN AND IMF

Yuan `in' IMF basket

Tuesday, October 27, 2015

The International Monetary Fund staff are set to give the all-clear for China's yuan to be included in the lender's benchmark currency basket, laying the groundwork for a favorable decision by policymakers, people familiar with the discussions said in Washington DC.
The IMF's executive board is scheduled to decide in November on putting the yuan on a par with the dollar, yen, euro and pound sterling. A key factor will be its performance against a checklist of technical criteria, as assessed by IMF staff. Three people briefed on the discussions said a draft report from staff reached a favorable conclusion on including the yuan.
"Everything is on course technically, and there is no obvious political obstacle. The report leans clearly towards including the yuan in the [basket], but leaves the decision for the board," one of the officials said.Two other officials said staff would recommend the yuan join the basket.
"There is no real discussion, no obstacles, all seems on course," a second official said. REUTERS