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When the Yuan joins the basket of currencies in the SDR's, does it have to be fully convertible and remove all capital controls?

No. "...IMF staff assesses that the RMB meets the requirements to be a "freely usable" currency ... The concept of a freely usable currency concerns the actual international use and trading of currencies, and is different from whether a currency is either freely floating or fully convertible. A currency can be widely used and widely traded even if it is subject to some capital account restrictions. On the other hand, a currency that is fully convertible may not necessarily be widely used and widely traded."

https://www.imf.org/external/np/exr/faq/sdrfaq.htm#six

A CSFB doc on 'CNY: Assesing capital inflows from SDR inclusion'

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USDCNY?

IJW I knew what all these initials meant

"USDCNY = x" means that you get x Chinese Yuan (x CNY) for 1 U.S.-Dollar (1.00 USD).

EDIT: At the time of writing, USDCNY = 6.3875, so you get 6.3875 Yuan for $1.00.

Edited by Silverfinger

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