The International Monetary Fund welcomed China's yuan into its elite reserve currency basket Monday, recognizing the ascendance of the Asian power in the global economy. The yuan, also known as the renminbi, will join the US dollar, euro, Japanese yen and British pound next year in the basket of currencies the IMF uses as an international reserve asset. IMF Managing Director Christine Lagarde called the decision "an important milestone in the integration of the Chinese economy into the global financial system." "It is also a recognition of the progress that the Chinese authorities have made in the past years in reforming China's monetary and financial systems,"...
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