Bloomberg reports, citing unnamed Chinese officials
The IMF has told China that the yuan is likely to be included in the SDR reserve currency basket soon.
Officials are so confident of winning approval, they've begun preparing statements to celebrate the decision.
188 member nations use the SDR basket but the IMF is looking into convertibility issues.
This isn't a surprise. The IMF has been giving signals that it would be accepted. However, it could create a small tailwind for the yuan, which is something China would want to avoid.
From my perspective, I don't understand why the IMF is doing this before China allows full convertibility.
