China’s yuan gains IMF reserve status

The International Monetary Fund (IMF) has announced that China’s currency, the yuan, will join the fund’s basket of reserve currencies.

Currently just the US dollar, the euro, the yen and the pound are in the group.

The IMF said the yuan “met all existing criteria” and should become part of the basket in October 2016.

The yuan will now make up part of the IMF’s Special Drawing Rights (SDR) – an asset created by the IMF which serves almost as a currency.

It is used for transactions between central banks and the IMF, and is used to decide the currency mix that countries like Greece, for example, receive when the IMF provides financial aid.

The last change made to the basket was in 2000, when the euro replaced the German mark and the franc.

Read more » BBC
See more »  http://www.bbc.com/news/business-34957580

Russia hits back at Turkey by changing Syria ‘game’

Moscow’s retaliation after Turkey downed its military jet could tie Ankara’s hands in Syria.

By Zeina Khodr, Roving Correspondent

Russia is striking back after a “stab in the back by an accomplice to terrorists” by changing the “game” in Syria.

Moscow’s retaliation is not just about severing economic and diplomatic ties. It is pursuing a policy that could tie Turkey’s hands in Syria.

Ankara never received international backing for a safe zone across its border, but Russia has now ruled that out.

The deployment of S-400 anti-air missiles means Russia has effectively imposed a no-fly zone over Syria.

And now, Moscow seems to be moving closer to a group that has been the US-led coalition’s main ground force in Syria – a group which Turkey, itself a member of that coalition, calls “terrorists”.

The Syrian Kurdish forces (YPG) is a US-backed Kurdish group that has pushed the Islamic State of Iraq and the Levant (ISIL) back from areas along the border with Turkey.

Read more » Aljazeera
See more » http://www.aljazeera.com/blogs/europe/2015/11/russia-hits-turkey-changing-syria-game-151129172933416.html