14:08 | 03/12/2015 Global Economy
The International Monetary Fund approved the inclusion of the Chinese yuan into its Special Drawing Rights basket on Monday.
Effective from October 1st, 2016, the yuan will be included in the SDR basket as a fifth currency, along with the US dollar, the euro, the Japanese yen and the British pound.
Each currency in the basket is given a weighting. The yuan will have a weighting of 10.9 percent, slightly higher than the Japanese yen and the pound sterling. The inclusion is the biggest change to the IMF's Special Drawing Rights since the inclusion of the euro in 1999. Experts say the yuan's inclusion shows China is moving towards a more flexible currency./.