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China's Yuan joins the IMF's Basket of Reserve Currencies

The yuan joins the U.S. dollar, the euro, the yen and British pound in the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. 
●    It marks the first time a new currency has been added since the euro was launched in 1999.
●    The IMF is adding the yuan, also known as the renminbi, or “people’s money”, on the same day that the Communist Party celebrates the founding of the People’s Republic of China in 1949.
●    China will use this opportunity to further deepen economic reforms and open up the sector to promote global growth, the central bank added.
●    China stunned investors by devaluing the currency last year and the yuan has since weakened to near six-year lows, adding to worries about already feeble global growth.

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