The IMF yesterday gave a vote of confidence to China and its reform efforts, affording the renminbi greater weighting than the yen or pound as it included it in the elite basket of reserve currencies.
The vote by the board to make it the fifth currency in the basket used to value the IMF’s own de facto currency followed months of deliberation at the fund and years of lobbying by a Beijing eager for the recognition.
“The RMB’s elevation to the club of elite global reserve currencies is a big step for China and a significant one for the international monetary system,” said Eswar Prasad, professor of economics at Cornell University and a former IMF China mission chief.
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