Sentences with phrase «yuan as a reserve currency»

Not exact matches

This development comes at a time when the Chinese are pushing to have the IMF officially label the yuan as a «reserve currency.»

He scored a big win in 2015, if you recall, when the International Monetary Fund (IMF) agreed to include it in its basket of reserve currencies, placing the yuan in the same league as the U.S. dollar, British pound, Japanese yen and euro.

As of last year, the U.S. dollar accounted for 63.5 percent of countries» allocated reserve currencies, compared to the yuan, which had only a 1.12 percent share.

Chinese authorities had been propping up the yuan, contributing to an almost $ 300 billion drop in foreign - exchange reserves over the last four quarters, as policy makers sought to deter capital outflows and encourage global usage of the currency.

A gold - backed dollar would also head off China's not too subtle attempt at replacement of the Greenback with the Yuan as the world's reserve currency.

These actions mark Beijing's continued efforts to establish the yuan as a global reserve currency and replace the US dollar in the world's commodity exchanges.

WASHINGTON (Reuters)- The International Monetary Fund said on Wednesday it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies.