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China joins IMF currency basket: Why it matters
The addition of China's yuan to the select basket of currencies used as a yardstick by the International Monetary Fund is a sign, experts say, that the yuan may one day become as recognizable as the dollar or euro. Adding the yuan alongside the dollar, euro, pound and yen is a symbolic victory for Beijing. It reflects the rising importance of the world's second-largest economy and is an endorsement of gradual Chinese moves toward making the currency freely traded. Currency traders and economists see the change as encouragement to Beijing to make faster progress on promises to make the yuan "freely tradable" and open ... (full story)
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