Weekend: The IMF lifted the yuan's weighting in its Special Drawing Rights currency basketThe International Monetary Fundincreased 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). The SDR is used as an international reserve asset.
The IMF raised the U.S. currency's weighting to 43.38% from 41.73%
Yuan to 12.28% from 10.92%
euro's declined to 29.31% from 30.93%
yen's to 7.59% from 8.33%
GBP to 7.44% from 8.09%
The IMF said in a statement its executive board had determined the weighting based on trade and financial market developments from 2017 to 2021
The reweighting takes effect from August 1 this year. IMF link is here for more.
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Explainer on SDR is here.
Source: Weekend: The IMF lifted the yuan's weighting in its Special Drawing Rights currency basket (https://www.forexlive.com/Education/weekend-the-imf-lifted-the-yuans-weighting-in-its-special-drawing-rights-currency-basket-20220515/)
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