BRITAIN supports the inclusion of the yuan in the International Monetary Fund’s Special Drawing Rights (SDRs) basket, China’s Vice Premier Ma Kai said yesterday.

    Ma was speaking to reporters after conclusion of talks with Chancellor George Osborne, who is on a visit to Beijing and was also present at the news conference.

    Chinese officials have pledged financial reforms to make the yuan more convertible as they push for the currency to be included in the International Monetary Fund’s SDR basket.

    Jin Zhongxia, executive director for China on the IMF’s policymaking board, said Friday that China is well placed to meet the criteria for inclusion in the IMF’s benchmark currency basket.

    But Jin said China would respect the IMF’s decision on whether to include the yuan currency in the SDR basket, but was hoping for a positive outcome.

    The IMF’s executive board is scheduled to decide in November whether to add the yuan to a basket of currencies comprising U.S. dollars, euros, pounds and yen.

    One of the criteria is that the yuan be “freely usable,” or widely used to make international payments and readily traded on forex markets. (SD-Agencies)