The International Monetary Fund is expected to admit China’s renminbi to its elite basket of reserve currencies today in what would be a major vote of confidence in Beijing’s economic reforms and its bid to internationalise its currency.
Confirming China’s place at the top table of the world’s economies, IMF shareholders are set to vote overwhelmingly to include the renminbi as the fifth member of the basket used to value the fund’s own de facto currency, the “special drawing right”.
The move comes at a crucial time for China, which is managing a significant slowdown in growth and has suffered deep falls in financial markets as questions have mounted over the leadership in Beijing’s response and commitment to reforms.
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