Effective October 1, 2016: Chinese Currency to Be Added to IMF 'Basket'

Lead time provided for members to adjust to changes ... In April, the IMF said the emerging market economies such as China, India, Brazil and Russia have driven more than half of global growth over the past 15 years

4-4-16, Telegraph -- Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materializes, the International Monetary Fund has warned. The IMF said policy choices in the world's second largest economy would also have "increasing implications for global financial stability" in the coming years as the country opens up its bond and equity markets. 

The fund said emerging market economies such as China, India, Brazil and Russia had driven more than half of global growth over the past 15 years. More

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July 25, 2016, Intl Monetary Fund -- In November 2015 the IMF completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR).

Effective October 1, 2016 the Chinese renminbi (RMB) is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency added to the SDR interest rate basket.

1. the U.S. dollar,
2. the euro,
3. the Japanese yen
4. the pound sterling
5. A short-term the Chinese renminbi (RMB)

The Board decided to launch the new SDR basket on October 1, 2016 to provide lead time for the Fund, its members and other SDR users to adjust to these changes.  More

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