IMF Review Recommends Delaying Currency Basket Adoption of Yuan

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David Chance and Krista Hughes, IMF Review Recommends Delaying Currency Basket Adoption of Yuan. Reuters, Aug 4, 2015.
http://www.reuters.com/article/2 ... USKCN0Q929G20150804

Quote:

"The International Monetary Fund should put off any move to add the yuan to its Special Drawing Rights currency basket until September 2016, an IMF staff report said

" 'If the RMB (renminbi) were determined to be a freely usable currency, it would play a more central role in the Fund's financial operations going forward, and it would qualify for inclusion in the SDR basket,' the report said.  European members of the Group of Seven major industrialized economies - Germany, Britain, France and Italy - favor adding the yuan to the basket this year. Japan, like the United States, is more cautious, officials have said.

"Earlier this year, frustrated by the refusal of the U.S. Congress to pass reforms to increase the voting rights of emerging markets in the IMF, Beijing announced it would set up its own investment bank, the Asian Infrastructure Investment Bank.