(VOVworld) - The International Monetary Fund (IMF) on Friday announced the launch of the new Special Drawing Right (SDR) basket including the Chinese currency, the renminbi (RMB).

The RMB's inclusion was a "historic milestone" for China, the IMF, and the international monetary system (www.edristi.in)

This was a "historic milestone" for China, the IMF, and the international monetary system. Managing Director of the IMF Christine Lagarde said the renminbi will be considered by the international community as a freely usable international currency, and will join the basket of the Special Drawing Right together with the USD, the euro, the yen and the British pound. She noted that this is the first time in the history that the SDR basket was expanded. The IMF chief said the RMB's inclusion is an important step in the integration of Chinese economy into the global financial and monetary system and it reflects the progress made in reforming China's monetary, foreign exchange, and financial systems.