(VOVworld) - The International Monetary Fund (IMF) agreed Monday to add the Chinese yuan to its reserve currency basket, known as Special Drawing Rights (SDR).

The Chinese yuan's inclusion is a breakthrough for China in the global finance system (photo:theguardian)

It will join the euro, yen, pound, and dollar in the reserves basket. The yuan's inclusion is a breakthrough for China in the global finance system while China’s position will be strengthened. The US, the Fund's biggest shareholder, and several European countries condemned China for keeping its currency cheap.

China’s biggest success so far was gathering key US allies to establish Asian Infrastructure Investment Bank (AIIB), known as a competitor to the US-led World Bank .