IMF gives China's currency prized reserve asset status
The yuan joins the dollar, euro, pound and yen in the IMF's basket of reserve currencies
The IMF’s executive board voted to add the yuan to its basket of reserve currencies in the first change in its currency composition since 1999.
The move is a key step in a decades-long ascent toward international credibility for the currency, which was created after World War II and for years could be used only domestically in the Communist-controlled nation.
Policy makers in Asia welcomed the yuan’s inclusion the Special Drawing Rights basket, ...
