Reserves as Yuan.
The International Monetary Fund (IMF) said, the yuan is being followed in the footsteps of other major global currencies to become a global reserve currency, but there is still the "important work" to be done in the analyze data before deciding whether to recognise China's reserve currency status.
The members of the staff of the IMF also opens the door for the possibility of a delay in approval, with proposal to delay for nine months, until September 2016, the implementation of changes in the basket of currencies which became international reserves asset allocated to IMF member countries, known as Special Drawing Rights (SDR), said the five-yearly review of the update of the IMF, released Tuesday. The IMF says, the delay change will make the transition smoother for new basketball.
The report shows that while the approval by the IMF'S Board has not been established, but has been almost achieved, the decision will be given more than just staff assessment (IMF). China urged that the yuan is joined by the dollar, euro, yen and pound the basketball in the SDR. While countries like France welcomed the proposal of the Chinese, the u.s. is still urging China to keep seeking an exchange rate exchange rate flexibility and financial reforms.
"The final assessment by the Board of the IMF will engage the essential elements of the trial," said the IMF report.
Delay set the stage for the IMF to add SDR with yuan before the Chinese President Xi Jinping hosted the G20 Summit next year, said David Loevinger, Executive Director of emerging market research at asset manager TCW Group Inc. in Los Angeles. https://www.mql5.com/en/signals/120434#!tab=history
