China's yuan set to join IMF int’l reserve currenciesNovember 30, 2015 - 11:44 AMT PanARMENIAN.Net - The International Monetary Fund (IMF) is expected to announce on Monday, November 30 that China's currency, the yuan, will join the fund's group of international reserve currencies, according to BBC News. Just the U.S. dollar, the euro, Japan's yen and the British pound are currently part of this select band. Earlier this month, IMF head Christine Lagarde backed the yuan's inclusion. If the decision is made, the yuan is likely to join the basket next year, experts said. China is the world's second largest economy behind the U.S., and asked for its currency to become a reserve currency last year. Concerns about Beijing keeping the yuan artificially low to help exporters is one reason why the currency has previously failed to meet the criteria for reserve currencies set out by the IMF. However, Chinese officials have a made a concerted effort to build support for the yuan's inclusion, and a recent IMF staff report endorsed such a move. Initially, the currency's inclusion would be largely a symbolic gesture, analysts said. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. Ucom launches network modernization efforts in few regions of Armenia In particular, on March 28, the legacy Mobile Switching Subsystem will be replaced with a new one. |