US Treasury Secretary says to support yuan in IMF basket: Spokesperson

BELEK - Reuters

AP Photo

U.S. Treasury Secretary Jack Lew told senior Chinese officials on Sunday he would support adding the renminbi currency to the basket on which the International Monetary Fund’s SDR unit is based, if it meets the IMF’s criteria, Lew’s spokesperson said.

Lew met with China’s vice premier and finance minister on the sidelines of the G-20 leaders meeting in Turkey, the spokesperson said.

The IMF is expected to this month approve the inclusion of the yuan into its $280 billion basket of currency reserves, known officially as Special Drawing Rights, or SDR.

The yuan’s inclusion in the basket would mark a major diplomatic victory for Beijing’s campaign to internationalize the currency.