Policy makers in Asia welcomed the Chinese yuan’s inclusion in the International Monetary Fund’s basket of reserve currencies, with South Korea expecting to boost holdings of the currency and Hong Kong pledging to increase support for yuan trading. The decision is a “key milestone” in the yuan’s internationalization and confirms its status as a freely usable currency, Hong Kong Monetary Authority Chief Executive Norman Chan said in a statement on Tuesday. The yuan’s weighting in the Bank of Korea’s foreign-exchange reserves is expected to increase and South Korea plans to issue yuan-denominated sovereign bonds in December, BOK official Park Jun Seo said at a forum. The IMF’s executive board...
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