IMF Makes Chinese Yuan 'Freely Usable' Alongside US Dollar And Other Major Currencies

With the International Monetary Fund (IMF) giving the green light today to include the Chinese Yuan (RMB) among major currencies in the SDR basket alongside the US dollar, Japanese Yen, Sterling and Euro - at an IMF executive board meeting chaired by Christine Lagarde - it does not mean that it will be freely floating or fully convertible.