IMF staff urges no rush to add China yuan to currency basket

The International Monetary Fund should put off any move to elevate the renminbi to its benchmark category of major currencies until after September 2016, an IMF staff report said, citing a mixed performance of the renminbi in meeting important financial norms.

The report, published on Tuesday, followed a major diplomatic push by Beijing for the renminbi to be added to the IMF’s special drawing rights basket of currencies as part of its long-term strategic goal of reducing dependence on the dollar. The IMF board is scheduled to.....

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