IMF extends current SDR basket by nine months
Markets will have until September 2016 to adjust to any changes
The International Monetary Fund's executive board formally approved an extension to the current basket of currencies that are used to calculate its special drawing rights (SDR).
The nine-month extension means the current basket – a weighted average of euro, yen, sterling and US dollar – will continue to form the basis for SDR calculations until September 30, 2016.
IMF staff are currently scrambling to assess whether the Chinese renminbi should be added to the basket, and the executive board is
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