Watch Out China: A Reserve Currency Brings Boom and Busts
A big shift in currency markets is afoot now that the International Monetary Fund has decided to add the Chinese renminbi -- commonly known as the yuan -- to its Special Drawing Rights list of currencies. That means that the IMF approves of countries holding yuan as foreign-exchange reserves. The other currencies on the list are the U.S. dollar, British pound, Japanese yen and the euro, so the yuan is joining a pretty elite group.
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