IMF freezes SDR, but will still decide on renminbi this year
Decision comes week after historic yuan devaluation
The International Monetary Fund (IMF) has extended the current special drawing rights (SDR) valuation basket by nine months to September 30, 2016, but a decision on whether to include the renminbi in the elite group of currencies will still be made this year.
The IMF says the extension will give market participants more time to digest any possible changes to the composition of the basket of global reserve currencies, which currently consists of the euro, the Japanese yen, the pound and the US
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