IMF said to signal likely inclusion for yuan in its reserve currency fund

Representatives at the International Monetary Fund have given Beijing strong signals in meetings that the yuan will probably win inclusion during the fund’s current review of currencies for inclusion in its Special Drawing Rights basket of reserve currencies, Bloomberg reported, citing three unnamed Chinese officials. Staff members of the Washington-based lender are due to present their recommendation to the fund’s executive board as early as next month. “Prospects for approval seem to be favorable,” said Otaviano Canuto, executive director at the IMF for 11 countries. Chinese officials were apparently confident enough to begin preparing statements celebrating the decision, two unnamed sources said.