China achieved a significant economic milestone Monday, when the International Monetary Fund (IMF) added the renminbi (RMB) to its basket of reserve currencies, a move that is likely to result in financial reforms in the world’s second-biggest economy. The Chinese currency, the renminbi (RMB), is to be included in the basket of currencies which make up the IMF’s Special Drawing Right, or SDR – “Renminbi” is the official name of the currency introduced by the Communist People’s Republic of China in 1949 and it means “the people’s currency” in Mandarin while “yuán” is the name of a unit of the renminbi. Something for example may cost one yuan or 10 yuán not 10 renminbi.