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Yuan becomes global reserve currency but China will have to relax capital controls and the exchange rate

Monday, October 3rd 2016 - 07:54 UTC
Full article 5 comments

The Chinese currency Yuan entered a new phase in its journey to become more important to the world economy: starting on Saturday the Yuan is officially a member of the International Monetary Fund’s basket of global reserve currencies. Together, this group of currencies, known as Special Drawing Rights (SDR), forms a kind of pseudo-currency—used only by the IMF—to supplement countries’ official reserves. Read full article

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  • lsolde

    Zimbabwe wants to use Yuan as its currency & l'm sure that l read somewhere that Cambodia already does(along with USDollars, Thai Baht & their own almost worthless money). A nightmare if you received your change in all 4 currencies!

    Oct 03rd, 2016 - 10:53 am - Link - Report abuse 0
  • ChrisR

    So the Chin have made it to Special Drawing Rights (SDR) and can now be considered with Grown Up monies: just in time for the IMF to supplement the countries’ official reserves, aka throwing money at them to stop their money going 'tit's up'.

    Shades of The Dark Country coming to China methinks.

    Oct 03rd, 2016 - 12:19 pm - Link - Report abuse 0
  • Briton

    Well now china has opened it up,
    I suppose we will see if it sinks or not,

    lots of African countries queuing up to buy it,
    so they say..

    Oct 03rd, 2016 - 12:57 pm - Link - Report abuse 0
  • The Voice

    Despots should all use the RG Peso. It is soft absorbant and makes the best toilet paper in the world. Cheaper than Andrex too. Only disadvantage is pictures of Cristina stamped all over your arse.

    Oct 03rd, 2016 - 06:27 pm - Link - Report abuse 0
  • ChrisR

    @ 4 The Voice
    “Only disadvantage is pictures of Cristina stamped all over your arse.”

    Surely the best place for her? :o)

    Oct 04th, 2016 - 11:12 am - Link - Report abuse 0

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