IMF: China on track for Oct 1 inclusion in SDR

IMF on the Chinese currency

• Working relationship with China 'absolutely outstanding'
• China to gradually report more details on FX reserves
• Yuan's inclusion in the basket to firm up currency's international roll
• New SDR amounts will be published Sept 30 and to fixed for five years

There is some talk that this will be a critical moment for volatility but I just don't see it. In any case, it's a date to circle on the calendar.

To me, it's crazy that China has been given so much power in the world trading system without having a free-floating currency that's easily exchangeable. It might turn out to be the biggest global economic mistake of the past generation.