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    A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015

    IMF Will Not Include Yuan in Reserve Currency Basket Until October 2016

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    Yuan won't be added to the reserve currency basket, according to IMF.

    WASHINGTON (Sputnik) — The International Monetary Fund (IMF) executive board extended the current Special Drawing Rights (SDR) valuation basket by nine months until October 2016, the fund said in a statement on Wednesday.

    The review of the current composition of the SDR basket was scheduled to be finished by the end of 2015. The fund had been expected to include the Chinese yuan currency into its supplementary foreign exchange reserve assets on January 1, 2016.

    “The extension would also allow users sufficient lead time to adjust in the event that a decision were to be taken to add a new currency to the SDR basket,” the statement published on the IMF website read.

    The current SDR basket consists of US dollars, euros, British pounds and the Japanese yen. The IMF conducts a key international currency review every five years.

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    reserves, currency, yuan, China
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