China says US agrees to have yuan in IMF basket
BEIJING, May 4 — The United States supports China’s bid to have the yuan included in the International Monetary Fund’s basket of currencies, Chinese Vice-Premier Wang Qishan said today after high-level talks between Beijing and Washington.
China wants the yuan to be part of the IMF basket of currencies as part of long-term plans to turn the yuan into an alternative reserve currency next to the dollar and the euro.
But the IMF has said a currency needs to be convertible before it can be included in the basket. China envisions the yuan will only be convertible by 2015. — Reuters