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money and economy

China’s Renminbi Is Approved by I.M.F. as a Main World Currency

This is huge news, what does this mean for the world economy and monetary policy?

Via the New York Times, by Keith Brasher

 

China’s Renminbi Is Approved by I.M.F. as a Main World Currency

Many central banks follow this benchmark in measuring their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F. effectively says that it considers the currency to be safe, reliable and freely usable.

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Bonnie Meisels
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