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Economy

The yuan is in the IMF's currency basket, but it still can't touch the dollar

BEIJING Chinese authorities have finally gotten their wish: On Oct. 1, the yuan was added to the basket of currencies that make up Special Drawing Rights, the International Monetary Fund's reserve asset. But despite this coup, the Chinese currency is still a long way from challenging the dominance of the dollar.

The value of SDRs is the sum of a specific amount of each currency in the basket at dollar-denominated exchange rates. In addition to the yuan, these include the dollar, euro, yen and pound.

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