Here Comes Yuan

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Yuan - Sputnik International
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Following a historic vote of confidence on November 30, the yuan, also known as the renminbi, was afforded the IMF reserve status and is to join the fund's basket of reserve currencies in October 2016.

China has lobbied for the currency to be included in the list, which at present is made up of the US dollar, the euro, the pound and the Japanese yen.

Vladimir Kazbekov, Vice President of the BRICS New Development Bank, also said that "one of the first steps in providing the New Development Bank with funds may be entering the Chinese market to borrow in yuan."

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