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Christine Lagarde has said she’s open to serving a second term as head of the International Monetary Fund. Now that she’s steered the lender to give the yuan reserve-currency status, she can count China firmly in her corner.

Lagarde announced Monday that the board of the Washington-based IMF approved adding the yuan to the fund’s basket of reserve currencies, alongside the dollar, euro, pound and yen. The decision is a victory for President Xi Jinping’s government, which pushed for inclusion as a symbol of the Chinese economy’s rising importance and a validation of the Communist-controlled nation’s efforts to liberalize its financial...

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