The International Monetary Fund has lifted the burden of China’s yuan and American greenback within the organization’s worldwide basket of reserve currencies at the same time as decreasing the percentage of the euro, yen, and British pound.

The IMF raised the weighting of the yuan, also referred to as the renminbi, to twelve.28 percent from 10.92 percent, an increase of one.36 percent points, according to a valuation report launched Saturday, reinforcing China’s forex fame inside the Special Drawing Rights (SDR) currency basket.

The value of the SDR, created in 1969, is based on a grouping of five major international currencies: the yuan and dollar, Japan’s yen, the pound sterling, and the euro.

China joined the elite club of major global reserve currencies in 2016 in a step that further internationalized the Chinese currency as Beijing sought broader global economic recognition.

At the end of its five-year review, the IMF also boosted the weight of the dollar by 1.65 percentage points to 43.38 percent, growing its lead SDR position.

The revaluation of the Chinese and US currencies, and the maintenance of the five currencies’ rankings, were “based on developments in trade and financial markets over the period 2017-2021,” the IMF said in a statement.

The yuan’s share boost comes at a time the Chinese currency is undergoing sharp depreciation.

The price of the yuan — which moves in a range controlled by China’s government — has recently accelerated its decline, and on Friday stood at 6.789 renminbi to the dollar.

The euro retained the second vicinity inside the SDR however suffered the steepest fall, of one.62 percent factors to 29.31 percent.

China’s renminbi changed into third. The yen maintained the fourth spot whilst sliding 0.74 percent points to 7.59 percent, whilst the British pound dropped to 7.44 percent, a 0.65 percent point discount.