The Chinese currency, the yuan, will join the International Monetary Fund's basket of reserve currencies. It's a big step forward for China's economic standing in the world.
The IMF said the Chinese currency meets all of the criteria and will join the prestigous list October 2016. The list already includes the U.S. dollar, the British pound, the euro, and the Japanese yen.
The reserve currencies are used by the IMF in its transactions with central banks. China is now the second largest economy in the world, after the United States.
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