Jack Lew: China's currency is not ready for prime time

April 1, 2015 5:03 AM

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U.S. Treasury Secretary Jack Lew said Tuesday that China's yuan is not yet ready to join an elite grouping of currencies used by the International Monetary Fund.

China has expressed interest in having the yuan included in the IMF's Special Drawing Rights basket, which the organization uses to value reserve assets. The basket currently includes the dollar, euro, British pound and Japanese yen.

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