Earlier this week, the International Monetary Fund decided to leave out the Renminbi (Chinese Yuan) for at least a year. They wants foreigners to use the Renminbi more and have more confidence in the recently volatile financial market of China.
The U.S. Dollar, Euro, British Pound, and Japanese Yen are included in the I.M.F. basket that China wishes to place the Yuan. China already has the world's second largest economy and being apart of the I.M.F. will give them the ability to bolster their country in a crisis through the I.M.F.'s virtual currency.
Unfortunately for China, they will have to be patient for at least a year and succumb to reform of their highly controlled currency before being added to the elite group of currencies.
Check out the article on Reuters.com about the I.M.F. temporarily denying the Renminbi.
Lange, Jason. "IMF freezes benchmark currency basket, defers any yuan addition." August 19th 2015 2015.Web. <http://www.reuters.com/article/2015/08/19/us-imf-currency-china-idUSKCN0QO1RT20150819>.
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