ML-Implode News - U.S. Takes Step Toward Support for China's Reserve-Currency Bid

The Obama administration took a step toward backing China's bid to have the yuan recognized as a global reserve currency, as the U.S. softened its insistence that the Chinese implement financial reforms to win support.
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The shift in the U.S. position follows the administration's failed attempt to prevent allies from joining the China-led Asian Infrastructure Investment Bank earlier this year, a strategy that was faulted by former policy makers including ex-Treasury Secretary Henry Paulson.
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"The train delivering the SDR to President Xi in time for the November 2016 G-20 Summit in Hangzhou remains on schedule," said David Loevinger, managing director of emerging-markets sovereign research at asset manager TCW Group Inc. in Los Angeles. There's "plenty of wiggle room" within the IMF criteria to allow China to meet the fund's requirements, said Loevinger, a former senior coordinator of China affairs at the U.S. Treasury.

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U.S. Takes Step Toward Support for China's Reserve-Currency Bid