18:35 GMT29 November 2020
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    The International Monetary Fund (IMF) is expected to give the yuan, also known as the renminbi, a historic vote of confidence on Monday, including the Chinese currency in the list of reserve currencies, media reported Sunday.

    MOSCOW (Sputnik) — Earlier in November, the IMF said that the renminbi should be considered an international currency alongside the US dollar and other major currencies.

    IMF Managing Director Christine Lagarde is set to hold a meeting prior to the vote, The Telegraph reported.

    When included in the list, the yuan will contribute to the value of the special drawing right – a weighted average of the currencies – which the IMF uses to price its emergency loans.

    While the decision is expected to be announced later on Sunday, the yuan will not officially become a reserve currency until October 2016, according to the media.

    China has lobbied for the currency to be included in the list, which at present is made up of the US dollar, the euro, the pound and the Japanese yen. The list has not been altered since 2000, when the euro replaced the French franc and the German deutschmark.

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    Tags:
    International Monetary Fund, yuan, Christine Lagarde, China
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