Euro To See Biggest Drop In IMF Basket To Make Way For The Yuan

Details from the International Monetary Fund's new special drawing rights basket shows that the euro will see the biggest drop to make way for inclusion of the Chinese yuan. Effective Oct. 1, the new weighting of SDR currencies will be 41.73% for the U.S. dollar, 30.93% for the euro, 10.92% for the renminbi, 8.33% for the Japanese yen and 8.09% for pound sterling. The current basket is 41.9% dollar, 37.4% for the euro, 11.3% for the pound and 9.4% for the yen.

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