When RMB becomes part of the SDR basket…

A non-event for the market.

And yet good news for the pro-reform camp as it means lots of steps in opening up the capital account and loosening the exchange rate control are irreversible. It could also be good news for the pro-growth camp who may take this as a sign of growing importance of China in the world stage – another boost of national pride – which then can be used to justified the pro-growth policy.


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