AlQa'dah 05, 1436, August 20, 2015, SPA -- China's yuan will not be added to the International Monetary Fund's basket of reserve currencies until at least October 2016, according to dpa. The IMF said Wednesday it would not make changes to its reserve currencies until then and would decide by the end of the year whether to add the Chinese currency to the mix. Any decision would only go into effect late next year. China has been pushing for years for the yuan to be considered alongside the dollar as one of the world's most important reserve currencies, but Beijing's strict regulation of the currency had prohibited the IMF from taking the move. Every five years, the IMF reviews its basket of reserve currencies, which is made up of the US dollar, the euro, the British pound and the Japanese yen. To give financial markets time to prepare for a possible change, the process was delayed nine months to allow for longer discussion of whether to include the yuan. Last week, the People's Bank of China moved to devalue the currency over the course of several days that it said was a bid to use a new method to calculate the central parity rate that is more responsive to market conditions. But some analysts saw the devaluation as motivated by a desire to boost exports, which become cheaper overseas as the yuan weakens.
