China's yuan prepares for global currency status as questions on reform linger

China's yuan prepares for global currency status as questions on reform linger
 

China's yuan will formally join the U.S. dollar, the euro, the Japanese yen and the British pound as a global reserve currency on Saturday, in a key milestone in the country's long campaign to boost its clout on the global stage.
The yuan, also know as the renminbi or "people's money", will be officially added by the International Monetary Fund (IMF) to its currency basket as the Communist Party celebrates the founding of the People's Republic of China in 1949.
The move itself is not expected to move financial markets much, as it was announced last year, but it will put Beijing's... read more

 
30 September 2016 in Business, Views: 33
Source: Reuters
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