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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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WTO rules against India in solar case with USA

India lost its appeal at the World Trade Organization in a dispute over solar power on Friday, failing to overturn a US complaint that New Delhi had discriminated against importers in the Indian solar power sector.
•    The WTO's appeals judges upheld an earlier ruling that found India had broken WTO rules by requiring solar power developers to use Indian-made cells and modules. 
•    The appeal ruling is final and India will be expected to bring its laws into compliance with the WTO rules.
•    Indian officials made no immediate comment on the appeal outcome.
•    US solar exports to India have fallen by more than 90 percent since India brought in the rules, the statement said.
•    As in the earlier ruling, which was issued in February this year, the judges said India could not claim exemptions on the basis that its national solar power sector was included in government procurement, nor on the basis that solar goods were in short supply.

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