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IMF Raises Yuan’s Weighting in SDR Basket Amid Weakness

  • Change comes as yuan depreciated sharply in recent weeks
  • PBOC vows to continue opening up China’s markets to world
Updated on

The International Monetary Fund lifted the yuan’s weighting in the Special Drawing Rights currency basket, prompting the Chinese central bank to pledge to push for a further opening of its financial markets.

The IMF raised the yuan’s weighting to 12.28% from 10.92% in its first regular review of the SDR evaluation since the Chinese currency was included in the basket in 2016, the People’s Bank of China said in a statement Sunday. The weighting of the US dollar rose to 43.38% from 41.73%, while those of euro, Japanese yen and British pound declined.