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China Wants to Internationalize Its Currency, So It's Easing Capital Restrictions
Board members of the IMF will vote this year on whether to add the yuan to its Special Drawing Rights basket along with the U.S. dollar, euro, yen and British pound. An IMF mission in China Tuesday said it will work closely with authorities toward inclusion, which is “not a matter of if but when.” The SDR, an accounting unit usually deployed in bailout packages, would deliver few direct benefits to China’s 1.3 billion people. But on Beijing’s streets and in the popular press, the issue is being followed, with taxi driver Wang Jiansheng saying the yuan’s fate is “definitely important” to China’s future ... (full story)
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