IMF Raises Yuan’s Weighting in SDR Currency Basket Amid Weakness

(Bloomberg) — The International Monetary Fund lifted the yuan’s weighting in the Special Drawing Rights currency basket, prompting the Chinese central bank to pledge to push for a further opening of its financial markets.

The IMF raised the yuan’s weighting to 12.28% from 10.92% in its first regular review of the SDR evaluation since the Chinese currency was included in the basket in 2016, the People’s Bank of China said in a statement Sunday. The weighting of the U.S. dollar rose to 43.38% from 41.73%, while those of euro, Japanese yen and British pound declined.