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When the renminbi was admitted to the International Monetary Fund’s basket of special drawing rights currencies on the last day of November 2015, joining the euro, dollar, sterling and yen, few were surprised. Beijing had after all pushed to turn the quartet of currencies into a quintet for years, even arguing back in the dark days of 2009 for the renminbi to replace the dollar as the world’s dominant currency unit.
True, the IMF’s assertion that the renminbi had “met the existing criteria” to join the basket raised a few eyebrows.
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