The Chinese government has the reason for the celebration of a well-deserved achievement. The International Monetary Fund officially approved the reserve-currency status for the yuan. The decision highly awaited by China’s authorities emphasizes financial and economic importance of the country. The freshly acquired status opens the way to using the yuan in trading and financial spheres, thus approving significance of the country’s economy for the whole world. The renminbi joined the dollar, euro, pound and yen. The thorny path to the inclusion in the reserve currency basket has taken several years. However, nothing was in vain as the yuan managed to get into the sacred list. “The Executive Board's decision to include the RMB in the SDR basket is an important milestone in the integration of the Chinese economy into the global financial system. It is also a recognition of the progress that the Chinese authorities have made in the past years in reforming China’s monetary and financial systems. The continuation and deepening of these efforts will bring about a more robust international monetary and financial system, which in turn will support the growth and stability of China and the global economy,” Ms. Christine Lagarde, the Managing Director of the IMF, stated. The renminbi will become one of the currencies used in the disbursement and repayment of international bailouts.
