In a largely symbolic decision, the International Monetary Fund (IMF) last week announced it will add the yuan to its Special Drawing Rights (SDR) basket of currencies on October 1, 2016. It will be the biggest change to the basket since the euro was created in 1999.

Update: As this article went to print, the International Monetary Fund (IMF) decided to freeze the Special Drawing Rights basket of currencies until October 2016. This will allow more time for markets to adjust to changes in the basket that might occur as a result of the IMF’s evaluation of the RMB in November.