China stands by to join IMF's SDR

If US conservatives are to stop yuan becoming part of special drawing rights, they need to find allies GILES CHANCE

In April, the Asian Infrastructure Investment Bank, a Chinese initiative, attracted widespread support from countries around the world. On Aug 11, the announcement of an initial 2 percent depreciation of the Chinese yuan had an immediate impact on global markets, driving stocks and Asian currencies down, and sparking speculation about further monetary easing in China as part of a new package of economic stimulus.

Near the end of this year the board of the International Monetary Fund will meet to consider whether the yuan should join the US dollar, the euro, the British pound and the Japanese yen to become part of the IMF's own currency, the special drawing rights.