Chinese Yuan Recognized as Reserve Currency by IMF: What Next?
December 03, 2015 at 14:57 PM EST
On Monday, November 30, the International Monetary Fund, or IMF, announced that the Chinese yuan would officially be included as a global reserve currency. The development will take effect on October 1, 2016. This was a landmark step as there have only been four reserve currencies thus far: the U.S. dollar, the Japanese yen, the euro, and the British pound.
