IMF approves China`s yuan as reserve currency

International Desk: The International Monetary Fund has approved China`s yuan into its elite reserve currency, in a decision described as "an important milestone" for the world`s second largest economy.

With the decision, the yuan, also known as the renminbi, will join the US dollar, euro, Japanese yen and British pound next year in the list of currencies the IMF uses as an international reserve asset.

Christine Lagarde, IMF managing director, called the decision "an important milestone in the integration of the Chinese economy into the global financial system".

"It is also a recognition of the progress that the Chinese authorities have made in the past years in reforming China`s monetary and financial systems," she said.

Source: aljazeera.com

risingbd/Dhaka/Dec 01, 2015/A K Azad