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Economy

Yuan finally joins IMF currency basket

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The Chinese yuan has joined the elite group of global currencies that make up the IMF's Special Drawing Rights.   © Kyodo

BEIJING -- The yuan took an important step toward becoming a global currency Saturday, joining the basket used by the International Monetary Fund to determine the value of its currency-like reserve asset.

Special Drawing Rights are issued by the IMF. Their value is the sum of specific amounts of basket currencies at dollar-denominated exchange rates. The basket now consists of the dollar, the euro, the yen, the pound and the yuan.

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