The International Monetary Fund Adds China’s Yuan to Reserve Currency Basket
The International Monetary Fund’s decision to include China’s yuan currency in its special drawing rights basket won’t amount to a whole lot for investors, according to one expert. ‘It’s not like when a stock gets added to the S&P 500, where all of a sudden there are fund managers that need to buy it,’ said Greg Anderson, head of FX strategy at BMO Capital Markets, based in New York. ‘Nobody needs to go out and buy renminbi tomorrow because it was put in the SDR basket – no one buys the SDR basket, but it’s a symbol that the IMF approves of what the reformers have been doing with the currency.’ The yuan’s reserve status puts it on similar footing as the dollar, euro, pound and the Japanese yen, currencies already included in the prestigious basket.
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But with this, the pressure is on for China to become transparent and allow its currency to trade more freely. ‘The reformers in China have won a big victory,’ Anderson said. ‘I think it is an important step along the path towards what I think everyone wants them to get to eventually, which is a freely traded and floating currency.’ TheStreet’s Scott Gamm has details from New York.
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IMF Adds Yuan to Basket of Reserve Currencies
The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the progress China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.
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IMF Approves The Reserve Status Of The Chinese Yuan In 2016
Morgan Stanley is planning to layoff 25% from its fix income department. Black Friday sales are a bust, same goes for Thanksgiving. Ford pushing more workers out of US and setting up factories over seas. Dallas fed signals a recession. NAR admits that real estate is slowing and prices are starting to fall. The Chinese home purchases are slowing as more and more Chinese pull out of the housing market. IMF gives the green light for the yuan to become a reserve currency in 2016. Russia included more yuan in its reserve basket of currency.
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