Blog Reserved: What Next for the Renminbi?

Reserved: What Next for the Renminbi?
The IMF included the renminbi in the basket of currencies that comprise its Special Drawing Rights (SDR) reserve asset. What next?

On November 30, the International Monetary Fund invited the renminbi to join the pound, euro, U.S. dollar, and yen in an exclusive club of international reserve currencies starting in October 2016. China has been working to make its currency a credible global player for at least two decades, and the nod from the IMF is a significant symbolic victory. Still, don’t expect central banks to scoop up mass quantities of renminbi just yet. 

Read more on The Financialist.