IMF raises weighting of US dollar, yuan in SDR basket

The IMF raised the US currency’s weighting to 43.38% from 41.73% and the yuan to 12.28% from 10.92%

BEIJING: The International Monetary Fund (IMF) has increased the weighting of the dollar and Chinese yuan in its review of the currencies that make up the valuation of its Special Drawing Rights (SDR), an international reserve asset.

The review is the first since the yuan, also known as the renminbi, joined the basket of currencies in 2016 in what was a milestone in Beijing’s efforts to internationalise its currency.