IMF approves China’s yuan as reserve currency

The International Monetary Fund has approved China’s yuan into its elite reserve currency, in a decision hailed as “an important milestone“ for the world’s second largest economy. As a result of the decision, China would become a “much more responsible financial power,“ Ann Lee, an economics professor at New York University, said in an interview with Al Jazeera. “They know that now they’ve got the status. They’re going to try to uphold their end of the bargain.“ Al Jazeera’s Kristen Saloomey reports from New York. Subscribe to our channel Follow us on Twitter Find us on Facebook Check our website: