China’s currency, the yuan, took another step forward towards joining the elite group of global reserve currencies on Saturday when the International Monetary Fund’s (IMF) staff on Saturday recommended that the Chinese currency be included in the IMF’s benchmark foreign exchange basket, a move that will indirectly benefit India as well. Managing Director of the IMF Christine Lagarde also endorsed the yuan’s inclusion in the IMF’s Special Drawing Rights basket. “The staff of the IMF has today issued a paper to the...
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