(Source: The Central People's Government of the People's Republic of China) BEIJING - China's yuan, or the RMB, was admitted by the International Monetary Fund (IMF) into its benchmark currency basket on Nov 30, the latest step for its journey to internationalization. The RMB's inclusion into the Special Drawing Rights (SDR) basket alongside the dollar, euro, pound sterling and yen, came after a flurry of reforms. The following is a chronology of major reforms over the past decade. - July 21, 2005: China initiated the reforms by depegging the yuan from the US dollar. - July 22, 2005: The People's Bank of China (PBOC), the central bank, began announcing the yuan's closing rate against major...
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