China Part of Special Drawing Rights: Bullish For Bitcoin

The Chinese Renminbi has been approved by the IMF to be a part of the basket of currencies that make up the Special Drawing Rights (SDR). The other currencies include the US Dollar, the English Pound, the Japanese Yen and the Euro. What is most surprising about this move is that the yuan now makes up more of the basket (10.92%) than the Yen (8.33%) and the Pound (8.09%). In order to get the yuan included, china has had to make economic reforms and open up transparency to its central bank. It also has had to devalue the yuan (vs … Continue reading China Part of Special Drawing Rights: Bullish For Bitcoin