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China’s currency will join the IMF’s Special Drawing Rights basket on October 1, one small step on the long road to becoming a global reserve currency

4 weeks ago
Sky Canaves
hile the yuan's inclusion in the SDR basket recognizes efforts to make it more freely tradable, ongoing state intervention and restrictions on foreign investment are needed to make it a truly international currency.
By Sky Canaves
Sky Canaves previously reported for The Wall Street Journal in Beijing and Hong Kong, where she covered media, culture, social issues, and legal affairs, and served as the founding editor and lead writer of the WSJ’s China Real Time site. Prior to becoming a journalist, Sky worked in the China corporate law practice of Baker & McKenzie, and she has also taught journalism and media law at the University of Hong Kong. She speaks Mandarin and has accumulated more than a decade's experience living, studying and working in China.