Renminbi should be added to SDR basket: Mundell

Robert Mundell, a Nobel Prize-winning economist, has called for the International Monetary Fund to add the renminbi to the list of currencies represented in its special-drawing-rights (SDRs) basket.

Mundell, a long-time advocate of a world currency, told reporters in Hong Kong on Tuesday: "The renminbi is now the third most important currency in the world...arguably more important than the yen, depending on how you measure it."

He said that in the Fund's next review of the SDR basket, due for