The IMF supports the inclusion of the Chinese currency in the reserve basket

Almaty. November 16. Silkroadnews - IMF experts consider possible inclusion of the yuan in the basket of reserve currencies, said on Friday the head of the Fund Christine Lagarde.
"The positive opinion, that will allow the Fund to approve the inclusion of the yuan in the basket at a meeting of the Board of Governors of the IMF, is only 70% of the vote (from the largest of the United States -16.7%), otherwise it requires 85% of votes. The voting will take place on November 30, the next review of the basket is only possible after five years",- informed the newspaper "Kommersant". On Saturday the Central Bank of China said "that it will adhere to reform the financial system".
To turn on the list of reserve currencies, IMF is evaluating two groups of criteria - the share of exports (at the time of the last revision, in 2010, the yuan has matched this criterion - 11% of the world) and on the use of the currency in financial transactions. The second criterion assesses the extent to which the currency is used outside of China, and in what amounts it is traded on the leading stock exchanges. Now Yuan meets these criteria, said in the statement Christine Lagarde.
To make the yuan fully convertible is planned only in 2020, but, according to SWIFT, the Chinese currency is already ahead of the Japanese yen in terms of transactions, ranking fourth in the world with a share of 2.79%. The basket determines the composition of the Special Drawing Rights (SDR) - an artificial means of payment, which operates with the IMF. Now the basket includes four currencies - US dollar, euro, British pound sterling and the Japanese yen.