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Clifford Chance

Clifford Chance
Briefings

Briefings

RMB included in IMF SDR basket – a new starting point for a long march

4 December 2015

As from 1 October 2016, the Renminbi (RMB) or the yuan which is the official currency of the PRC, will become the fifth currency after the US dollar, the Euro, the Japanese yen and the British pound, all comprising the Special Drawing Rights (SDR) basket created by the International Monetary Fund (IMF).  This results from a decision of the IMF announced on 30 November 2015, recognizing the RMB as a currency that is widely-traded and used for international payments, or more specifically a "freely usable currency".  This also signifies IMF's recognition of China's substantial reforms that have supported the internationalization of the RMB.

 

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