Chinese Yuan’s Ascent to Global Reserve Status: A Timeline
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The yuan will become one of five global reserve currencies on Saturday, the culmination of several years of efforts by Chinese policy makers to gain such recognition.
Its entry into the International Monetary Fund’s Special Drawing Rights -- alongside the dollar, euro, pound and the yen -- will help further China’s efforts to boost international usage of the yuan at a time when the currency’s share of global payments is hovering near a two-year low. While China has come under criticism for manipulating its exchange rate, IMF Managing Director Christine Lagarde said early September that the nation is on an irreversible path toward opening up and playing the “economic game by the rules.”