The International Monetary Fund should put off any move to add the yuan to its Special Drawing Rights currency basket until September 2016, an IMF staff report said, a move that would effectively end the Chinese currency’s chances of an early inclusion.
The report, published on Tuesday, comes after Beijing launched a major diplomatic push for the yuan’s inclusion in the IMF basket as part of its long-term strategic goal of reducing dependence on the dollar.
The report said the implementation of any formal decision to add the yuan to a basket of currencies comprising dollars, euros, pounds and yen should be delayed so as not to disrupt financial market trading on the first day of 2016.
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