Renminbi to join IMF currency basket

The Chinese yuan will be officially available for loans and repayments to members of the International Monetary Fund as of tomorrow. That means the yuan, also known as the renminbi, will join the US dollar, euro, British pound and Japanese yen as one of the five currencies in the IMF’s Special Drawing Rights basket. The SDR itself is not a currency, but represents a claim held by IMF member countries on which currencies may be exchanged.