IMF approves renminbi's inclusion in SDR basket

On course to achieving reserve currency status

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High note: the renminbi is the first addition since 1999

The International Monetary Fund has admitted the Chinese renminbi to its Special Drawing Rights (SDR) basket, putting the currency on track for reserve currency status.

In what is the first addition to the coveted basket since the euro replaced the D-mark and the French franc in 1999, SDR status serves as a vivid token of the Chinese currency's remarkable rise in recent years. In 2010, the renminbi was the 17th most-traded currency in the world, and only five others trade in greater volumes

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