HONG KONG — The International Monetary Fund on Monday designated the Chinese renminbi as one of the world’s elite currencies, a major milestone that underscores the country’s rising financial and economic heft.
The decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. Just four other currencies — the dollar, the euro, the pound and the yen — have the I.M.F. designation.
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