Tapped for SDR Basket, Yuan Reform Goes Global

(Beijing) – Advocates of financial reform consider the International Monetary Fund's plan to add the yuan to its special drawing rights (SDR) currency basket as momentous as the World Trade Organization's welcome in 2001.

From central bankers to analysts, China's pro-reform community is cheering the IMF's November decision to roll out the welcome mat, putting the yuan on track to join the U.S. dollar, euro, yen and pound in the basket next fall. Overseas scholars interviewed by Caixin said SDR status for the Chinese currency could be a catalyst for global financial reform.