Lagarde declares support for RMB inclusion in SDR basket
IMF managing director endorses inclusion after staff report deems Chinese currency 'freely usable'
Christine Lagarde has endorsed designating the renminbi a special drawing rights (SDR) currency after a staff report deemed it "freely usable".
The International Monetary Fund managing director declared her "support" for including the renminbi in the currency basket after IMF staff recommended the move.
"IMF staff assesses that the renminbi meets the requirements to be a 'freely usable' currency and, accordingly, the staff proposes that the [IMF] executive board ... include it in the SDR
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