The I. M. F. has voted to admit the Chinese renminbi, also known as yuan, into its elite reserve currency basket, after announcing that it "met all existing criteria" to join the world's main currencies alongside the U.S. dollar, euro, British pound and Japanese yen.
There is an ongoing anxiety concerning the Chinese Economy that awakened the Chinese government to take measures to maintain stability and encourage economic growth.
It came as a shock to participants when the Reserve Bank of India (RBI) not only had cut interest rates for the fourth time this year, but by a larger amount than expected at 50 basis points.
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