Chinese Yuan officially joins US dollar, Euro as reserve currency

After months of speculation, the Chinese Yuan, or renminbi, has officially been added to the list of global reserve currencies, joining the US dollar, Japanese Yen, British pound and Euro.

The IMF has announced it will include CNY with the “basket” of other world currencies into the organization’s strategic cash reserve. Analysts have welcomed the move, which was proposed as early as 2015.

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