Lagarde Anoints Chinese Yuan,Will it Now Demolish the ?Dollar Hegemony??
IMF boss Christine Lagarde is gung-ho about it. IMF staff is too. The Executive Board will consider it on November 30 and in all likelihood approve it. It will take effect in October 2016. Then it?s a done deal: the Chinese yuan will be added to the IMF?s currency basket, the Special Drawing Rights (SDR). A step toward becoming a major global reserve currency.
IMF staff had determined that the yuan meets the requirements of being a ?freely usable? currency,
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