The U.S. could potentially veto the yuan’s inclusion in the SDR basket because the change would require the support of as much as 85 percent of voting shares on the IMF’s executive board. The U.S. has 17 percent of the votes. The IMF said it’s too soon to say whether the move would require 70 percent or 85 percent of the vote under the institution’s bylaws.
Holly Shulman, a Treasury Department spokeswoman, said in an e-mail that it’s too early to speculate on the outcome of the IMF review.
China probably hasn’t done enough to liberalize controls over its currency and financial markets to sway the U.S., said Edwin Truman, who was assistant secretary for international affairs at the Treasury Department during the Clinton administration.
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