Keel
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From the article :' it will mean an official IMF endorsement of the renminbi as an international currency, even if the renminbi has yet to achieve the goal of free convertibility and the capital account is yet to open completely.'
As you can see U. S and Japan opposition is secondary. Your Yuan is still not freely convertible and your capital account is still closed to the outside World. Those are the two main criteria for including a currency in SDR. so as far as you don't meet those criteria, your currency will never be included in SDR.
YOU can't eat your cake and have it bro. you have to make some sacrifices (opening up your capital market /currency convertibility) to gain other things.
That's why only the dollar, our currency, the yen and Euro are included for now, since we all meet those criteria.
US has veto power on IMF board
And Japan as we all know how it would behave in making its cast of vote concerning China
Down to the bottom line it is all about politics
The fundamental factors like the size of currencies in international trades and the converibility of Yuan are secondary
Judging by the size of trading currencies, pound sterling should not be given a SDR status at all when you are evaluation it against RMB
Ancient Chinese Art of Paper Folding
