China looks set to have its renminbi admitted to the the International Monetary Fund's basket of currencies, in a major milestone for Beijing with big implications for the international monetary order. IMF managing director Christine Lagarde at the weekend backed a staff recommendation that the currency later this month be admitted to this elite club, whose membership is currently limited to the US dollar, Japanese yen, euro and pound sterling. This means the renminbi should be part of the Standard Drawing Rights - or SDR - system, whose composition is reviewed every five years, by this time next year. According to the IMF, the SDR is...
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