Yuan in reserves
WASHINGTON: The International Monetary Fund (IMF) said on Friday it will separately identify China’s yuan currency in its official foreign exchange reserves database starting October 1, a move prompted by the yuan’s new status in the Fund’s reserve currency basket. The move will aid China’s effort to secure a bigger role for its currency, also known as the renminbi, by revealing quarterly reserve holdings of yuan among the 188 IMF member countries. Last November, the IMF agreed to include the yuan in its Special Drawing Rights basket after determining that it is ‘freely usable’. Friday’s move means renminbi will join other currencies that are separately identified in IMF’s quarterly survey of foreign exchange reserves.