G7 backs inclusion of yuan in IMF basket of currencies

The Group of Seven countries are in fundamental agreement that the Chinese yuan should be part of the IMF's international basket of reference currencies, but there is no need to rush, German Finance Minister Wolfgang Schaeuble said on Friday.

"There are technical issues and not just technical ones" to sort out, Schaeuble told a news conference at the end of a meeting of G7 finance ministers and central bank governors in Dresden, Germany. "We are in full agreement on the goal, but it would not be good to rush it," he added.

Beijing has been pushing for its currency to play a greater role in the world financial system and be included in the basket that makes up the International Monetary Fund's "special drawing rights" reserve currency. The IMF said on Tuesday that the yuan is "no longer undervalued".