SDR Basket Currency Addition
Question
Recently, which one of the following currencies has been proposed to be added to the basket of IMF's SDR?
Options
Rouble
Rand
Indian Rupee
Renminbi
Explanation
In 2015, the Chinese Renminbi (Yuan) was added to the IMF's Special Drawing Rights (SDR) basket, becoming the fifth currency to be included alongside the US Dollar, Euro, British Pound, and Japanese Yen. This was a significant development recognizing China's growing economic importance and the internationalization of its currency. The Renminbi's inclusion marked the first time a major emerging market currency was added to the SDR basket. The Russian Rouble, South African Rand, and Indian Rupee were not added at that time, though the Indian Rupee has been under consideration in various discussions. > Renminbi 2015 = SDR Currency Upgrade for China. Answer: d.
Question details
Year
2016
Paper
GS Paper 1
Question
Q14
Subject
Economy
Sub-topic
International Monetary System
Type
Factual single
Difficulty
Medium
Nature
Current-affairs-linked
Source hint
IMF SDR Basket Revision 2015
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