Yuan's journey from the elite reserve currency club to global currency

AMONG the elites, having a membership with a prestigious club signifies one's superiority in terms of his or her social status. Interestingly, a similar club exists for foreign currencies.

Out of the 180 currencies recognised by the United Nations member states as legal tender, only a handful have made it to the Special Drawing Rights (SDR) club of elite currencies. The SDR, introduced in 1969 by the International Monetary Fund (IMF), serves as an international reserve asset to provide liquidity to the global economy which central banks worldwide could use like an overdraft account as and when the need arises.

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