Aug 01, 2022 04:36 PM (GMT+8) · EqualOcean
In May 2022, the Executive Board of the International Monetary Fund (IMF) completed its five-year review of the currencies that make up the international reserve asset and raised the weighting of China's yuan in its Special Drawing Rights (SDR) basket from 10.92% to 12.28%. The updated weighting is scheduled to take effect today. This is the first adjustment of the RMB, or Chinese yuan, since it joined the basket of currencies in 2016, marking a further improvement in the level of internationalizing the currency and auguring well for the long-term prospects of the RMB as a global financing and reserve currency.