Event of the Year: The RMB’s Inclusion into the SDR Basket
On November 30, 2015, the IMF Executive Board completed its regular five-year review of the basket of SDR currencies. A key focus of the 2015 review was whether the RMB met the existing criteria to be included in the basket. The Board decided that the RMB met all existing criteria, recognized it as a freely usable currency, and included it in the SDR basket as a fifth currency, along with the US dollar, the euro, the Japanese yen, and the Great Britain pound. The new SDR basket would take effect on October 1, 2016, to provide sufficient lead time for the IMF, its members, and other SDR users to adjust to the changes.