Mega announcement  for the year is scheduled for November, when International Monetary Fund (IMF) will take decision in its review, whether to add Chinese currency Yuan or Renminbi in its Special drawing Rights (SDR) or not.

If IMF choose to include Yuan, in its SDR basket, it would be a milestone decision and the impact will not only be felt in financial markets but to global trade as well as geo-politics.

Done deal 

Inclusion of Renminbi to International Monetary Fund's Special Drawing Right (SDR) basket is a done deal now and just a function of time, as staffs have recommended inclusion of Yuan in their final review, which would be presented to the board.

Board will be taking the final decision in its meeting scheduled for November 30th. After staffs' recommendation and backing from several western countries' like, UK, Germany, US it seems just to be piece of final formality to be done on the last day of the month. According staffs' review, Yuan has met the criteria of large trade, widely used and freely usable. IMF managing director, Christine Lagarde said that see supports staff findings.

So if approved, it would be a historic move to include a currency in IMF's basket since 1980, other than replacing Deutsche Mark and French Franc with Euro back in 1999. It is an important victory for China, which has aspired long to secure the elite position enjoyed only by Dollar, Euro, Pound and Yen. It would also mean that Yuan is now an official reserve currency.

In a statement, People's Bank of China (PBoC) thanked IMF for acknowledging the progress of China's economic developments, reforms and opening up of its economy and suggests PBoC remains fully committed to further deepening of the reforms. PBoC plans to fully liberalize Yuan by 2020.

Yuan's inclusion in IMF's SDR really brings the reality of growing importance of China to the basket.