New Global Reserve Currency Yuan approved by IMF China’s renminbi

iHumanMedia.com reports China’s renminibi now a global reserve currency approved by the IMF. The decision required China to agree to more open markets that support foreign investment and private ownership. Christine Lagarde, Director of IMF made the announcement. Below checkout the VIDEO NEWS clip on Instagram social network.

The I.M.F. designation, an accounting unit known as the special drawing rights, bestows global importance.

Renminbi, also called yuan, gains a benchmark status. Woo He / European Press photo Agency

Many central banks follow this benchmark in measuring their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F. effectively says that it considers the currency to be safe, reliable and freely usable.

It is a “recognition of the progress that the Chinese authorities have made in the past years in reforming China’s monetary and financial systems,” Christine Lagarde, the managing director of the I.M.F., said in a statement in Washington. “The continuation and deepening of these efforts will bring about a more robust international monetary and financial system, which in turn will support the growth and stability of China and the global economy.”

The designation is a point of pride for Beijing, which had made it one of its highest economic policy priorities. BELOW WATCH THE VIDEO NEWS !

China's renminbi now a global reserve currency IMF approval announced reports iHumanMedia.com

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