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International Monetary Fund (IMF) on Monday announced that the Chinese currency, Renminbi, is eligible for joining its Special Drawing Rights (SDR) currency basket.

With the announcement, the Chinese currency, or the yuan, is to become one of the five reserve currencies fully endorsed by the 188-member multilateral organization.

The RMB "met all existing criteria," said the IMF board, which represents the fund's member countries, in a statement after a nearly two-hour meeting held Monday.

In accordance with the statement, the RMB will be included in the SDR basket as a fifth currency starting Oct. 1, 2016 and will have a...

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