China's yuan is joining the IMF's elite group of reserve currencies

Getty Images China’s yuan joins an elite group of reserve currencies created by the International Monetary Fund on Saturday in a move hailed as a milestone in the country’s rise to global financial prominence. From tomorrow, the yuan, also known as the renminbi, will become the fifth member of the IMF’s prestigious Special Drawing Rights (SDR) basket of currencies, alongside the US dollar, euro, Japanese yen and British pound. Analysts say it marks the beginning of a new era for the yuan, ...