China won the endorsement of International Monetary Fund staff members for the yuan’s inclusion in a basket of reserve currencies, paving the way for a step that would validate President Xi Jinping’s drive to open up the world’s second-biggest economy. IMF staff determined that the yuan meets the requirement of being “freely usable” and should therefore become the fifth currency in the basket, along with the U.S. dollar, euro, pound and yen, Managing Director Christine Lagarde said in an e-mailed statement Friday. “The staff also finds that the Chinese authorities have addressed all remaining operational issues identified in an initial staff analysis submitted to the Executive Board in...
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