Author Topic: China's Yuan joins elite club of IMF reserve currencies  (Read 1612 times)

MCentaur

  • Timawan
  • Full Member
  • *
  • Posts: 103
    • View Profile
China's Yuan joins elite club of IMF reserve currencies
« on: October 02, 2016, 09:48:51 PM »
Another sign of China's economic clout:

Interaksyon

Quote
China's yuan joins elite club of IMF reserve currencies
October 2, 2016 12:46 AM

MANILA - China's yuan joins the International Monetary Fund's basket of reserve currencies on Saturday in a milestone for the government's campaign for recognition as a global economic power.

The yuan joins the US dollar, the euro, the yen and British pound in the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. It marks the first time a new currency has been added since the euro was launched in 1999.The IMF is adding the yuan, also known as the renminbi, or "people's money", on the same day that the Communist Party celebrates the founding of the People's Republic of China in 1949.

(...SNIPPED)
Philippine Defense Forces Forum (PDFF)

"If everyone is thinking alike, someone isn't thinking"- Gen. George S. Patton

mamiyapis

  • Global Moderator
  • Full Member
  • *****
  • Posts: 179
    • View Profile
Re: China's Yuan joins elite club of IMF reserve currencies
« Reply #1 on: October 07, 2016, 08:32:44 AM »
That... Just makes no sense to me. Their economy is being propelled by loans and IMF makes them a reserve currency? Weird.