US agrees to have yuan in IMF basket: China

The United States supports China’s bid to have the yuan included in the International Monetary Fund’s basket of currencies, Chinese Vice Premier Wang Qishan said on Friday after high-level talks between Beijing and Washington.

By (Reuters)

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Published: Fri 4 May 2012, 4:45 PM

Last updated: Tue 7 Apr 2015, 11:11 AM

China wants the yuan to be part of the IMF basket of currencies as part of long-term plans to turn the yuan into an alternative reserve currency next to the dollar and the euro.

But the IMF has said a currency needs to be convertible before it can be included in the basket. China envisions the yuan will only be convertible by 2015.


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