IMF sets new SDR currency amounts to reflect Chinese yuan entry

IMF sets new SDR currency amounts to reflect Chinese yuan entry
 

The International Monetary Fund said on Friday it set new relative amounts of the currencies in its Special Drawing Rights currency basket, reflecting the entry of China's yuan for the first time on Saturday.
The IMF said each SDR, the Fund's unit of account, will be made up of 0.58252 U.S. dollars, 0.38671 euros, 1.0174 Chinese yuan, 11.900 yen and 0.085946 pounds sterling. The relative amounts reflect weightings determined last year based on average exchange rates over the past three months. The amounts are now fixed for five years.
The inclusion of the yuan marks the first change in the... read more

 
30 September 2016 in Business, Views: 40
Source: Reuters
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