The IMF just approved inclusion of China's yuan in its basket of global reserve currencies.
Of course, the IMF would have us believe it allowed the yuan into its basket, as though it was the one in control. Managing Director Christine Lagarde said the yuan's inclusion was based on a clear indication of the reforms China has carried out.
But the truth is the IMF had to include China's currency into its basket - sooner rather than later.
China doesn't need the IMF, all it wants is the legitimacy a reserve currency confers on the nation,Money MorningCapital Wave Strategist Shah Gilani said on Monday.