IMF Adds China's Yuan to World's Top Currencies The International Monetary Fund (IMF) added China's yuan to its group of 1.________ this week, a historic development that gives new 2. ______ to the world's second-largest economy. It is "a sign that China is rising ever faster and further on the 3.________," reported the BBC . China now accounts for more than 15 percent of the global 4. ________ , nearly three times what it was a decade ago, said the Wall Street Journal . The IMF said the yuan, also called the renminbi, will be added to the group of 5._______. Those include the U.S. dollar, Europe's euro, the Japanese yen and the British pound. These currencies are in the IMF's Special Drawing Rights group. The IMF uses this group of reserve currencies to make 6. ______ to its 188 member nations. The new IMF designation will take effect at the end of September 2016. China had worked toward winning the designation for several years. To achieve it, China had to give up some of its tight control over its currency and make 7.______ in its 8. _______ , reported the New York Times . The IMF decision reflects the 9. ______ of Europe in world financial markets. "The renminbi is mainly replacing part of the euro's role in the special drawing rights," wrote the New York Times . It added that the renminbi is "quickly gaining ground on the euro." In the new IMF designation, the IMF will give 10._______ to China's currency than to either the yen or the pound. Despite the increased role for the yuan, the U.S. dollar still dominates in 11._______, and is "the world's pre-eminent reserve currency," wrote the Wall Street Journal . It is still the most widely used currency for 12._____ around the world. This is because investors feel confident that they can get access to 13.______ in dollars. Christine Lagarde is the IMF Managing Director. She said the decision regarding the yuan is "an important milestone in the integration of the Chinese economy into the global 14.______." She added that it was also "a recognition of the progress that the Chinese 15._______ have made in the past years in reforming China's 16.______ and financial systems." There are r17.______ to being an IMF reserve currency. China limits the ability of 18.______ and individuals to 19.______ out of the country. But the more China opens its markets, the more it exposes its economy to "the risk of 20. ______ flowing out," noted the Wall Street Journal .