The government of the People's Republic of China keeps on pursuing its aim confidently. Although, there are lots of targets set by the authorities, now we will focus on internalization of the yuan. The renminbi is ready for acquiring the status of a reserve currency of the International Monetary Fund. All technical requirements have been fulfilled and only the Board of Governors meeting is left. The meeting is scheduled for November 2015, and pundits suppose that China is very likely to get a positive decision. However, some official IMF representatives did not support such forecasts saying that no one can be sure of the result. It is quite possible that the yuan will have to wait another year for the next meeting to attain its long-awaited goal of joining the fund’s basket of the reserve currencies. The inclusion in the basket is one of the key stages of China’s large-scale plan to decrease its national currency’s dependence on the US dollar’s exchange rate. To speed up the realization of the plan, the government launched a series of system reforms in currency market liberalization to better comply with the Special Drawing Rights. Besides, the yuan may be used as a unit of account in international payments and trading in currency markets. Hopefully, the renminbi will be lucky enough to win the IMF’s endorsement.
