(c) Reuters. FILE PHOTO: Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
BEIJING – The International Monetary Fund announced on Saturday that it had increased the dollar’s weighting in its review of currencies that are part of the valuation of its Special Drawing Rights, an international reserve asset.
This review marks the first time since the yuan (also known as the Renminbi) joined the 2016 basket of currencies. It was an important step in Beijing’s efforts internationalise its currency.
The IMF raised the U.S. currency’s weighting to 43. 38% from 41. 73% and the yuan to 12. 28% from 10.92%. The euro’s weighting declined to 29. 31% from 30. 93%, The yen fell to 7. 59% from 8. 33% and the British pound fell to 7. 44% from 8.09%.
The IMF said in a statement its executive board had determi