Mossack Fonseca – China on IMF Admits Chinese Renminbi to SDR Basket

On November 30, 2015, the International Monetary Fund (IMF) admitted China’s renminbi (RMB), also known as the Yuan, into the Special Drawing Rights (SDR) basket of currencies. Effective October 1, 2016 the RMB will be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the euro, the Japanese yen and the British pound. Launching the new SDR basket on October 1, 2016 will provide sufficient lead time for the Fund, its members and other SDR users to adjust to the change, according to an IMF press release.