Yuan elevated to elite club of currencies

Renminbi inclusion in global reserve basket to deepen nation's reforms in financial sector

The inclusion of the renminbi among the elite reserve currencies of the International Monetary Fund over the weekend will push ahead reforms linked to the currency's internalization and marketization, according to economists. They also discounted speculation it would prompt a sharp depreciation of the currency.

The IMF approved the yuan as the fifth elite currency to join the special drawing rights basket, which is a foreign exchange reserve asset that includes the US dollar, euro, yen and the British pound.