That's the Chinese yuan to join the main basket of currencies International Monetary Fund, but its share in the basket of reserve currencies will be much lower than previously thought, Reuters reported with reference to its sources in the IMF.
At the end of this month, the IMF is expected to take a decision to add the Chinese currency to a basket of special drawing rights (SDR), which already includes the US dollar, euro, British pound sterling and the Japanese yen. This is a momentous event, as from 1980 (when the number of currencies in the basket was reduced from 16) no change in the composition of the basket is not happening.
A decision on the inclusion of the yuan is largely seen as a recognition of the political and economic importance of China, as well as the approval of all the previously adopted economic reforms, Beijing.
According to calculations by the IMF staff in July, the share of the yuan in the basket of reserve currencies can be from 14 to 16 percent. However, sources are now reporting a 10 per cent share of the yuan.
Currently (according to the latest estimates in 2010) the share of the US dollar was 41.9 percent, the share of the euro - 37.4 percent, the share of the British pound -11.3 percent, the share of yen - 9.4 percent.