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China's yuan looks set to join the currency jet set


Business

China's yuan looks set to join the currency jet set

China is looking to have the yuan added to the IMF special basket of currencies to make to it more attractive to investors.

The stamp of approval will put the yuan on a par with the US dollar and the IMF look set to accept Beijing’s wishes.

The IMF is due to vote later.

If the yuan gets the nod it will join the dollar, yen, pound and euro in the basket of reserve currencies.

China hopes the move will restore global confidence in its economy after the recent stock market turmoil.