No agreement to include yuan in SDR for now: BRICS official

There is no unanimous agreement for the yuan to be to be included in the currency basket that forms the Special Drawing Right, or SDR, an official from the BRICS group of emerging powers said today.

There is no unanimous agreement for the yuan to be to be included in the currency basket that forms the Special Drawing Right, or SDR, an official from the BRICS group of emerging powers said on Thursday.

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The BRICS group, which comprises Brazil, Russia, India, China and South Africa, is meeting in southern China to discuss trade and investment.

"There is a need for a broad-basing of the international monetary system. The SDR is an instrument to do that, but we still have no unanimity on the inclusion of the Chinese currency in the SDR as of now," the official said. "India has said that the SDR is an accounting mechanism used by the IMF and countries such as Brazil have also said that this (the yuan) should be convertible first."