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IMF includes RMB in currency range for first time

The International Monetary Fund (IMF) has expanded its currency range, separately listing holdings in RMB in its Currency Composition of Foreign Exchange Reserves (COFER) for the first time on March 31.

Eight currencies were distinguished in COFER reports, including the US dollar, euro, Chinese RMB, Japanese yen, pound, Australian dollar, Canadian dollar, and Swiss franc. All other currencies are included in the category “other currencies.”

The separate identification followed the IMF’s inclusion of the RMB in the Special Drawing Right basket of currencies last year, another step forward for the internationalization of the RMB.