Chinese yuan recognized 5th world currency
From today, the Chinese yuan has officially become the 5th world currency. The currency joined the Special Drawing Rights of the International Monetary Fund.
Now the basket of special drawing rights (SDR) consists of five world currencies: the US dollar, euro, the Chinese yuan, Japanese yen and British pound sterling. IMF credited China's request on November 30, 2015.
It should be noted that initially IMF currency basket had 16 currencies, but in 1981 their number was reduced up to 5 major: the US dollar, German mark, French franc, British pound and Japanese yen. In 2000, the mark and franc gave way to the new European currency - euro. Now the composition includes a fundamentally new currency. In addition, yuan took the third place in the basket with a share of 11 percent. Dollar's share in the composition of SDR is 40 percent, share of euro decreased from 37 to 31 percent.