The International Monetary Fund is to reweight the currencies in the Special Drawing Rights (SDR) basket
- Will be rebalanced on October 1
- It will include the yuan, giving the official stamp of approval to its status as a 'Reserve Currency'
- The exact new weightings of currencies is yet to be finalised
- Once they are, they are fixed for 5 years
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Back in November 2015 the Fund indicted weightings for the new basket at:
- Yuan 10.92%
- USD 41.73%
- Euro 30.93
- GBP 8.09%
- Yen 8.33%
Since then the USD has been on a rip. The IMF will issue further approximations for the new weightings in the lead up to the rebalancing.
