G7 agrees Chinese yuan should be in IMF currency basket

Gambling is illegal in China except where it is run by the government or the proceeds donated to charity, and official lotteries -- which sometimes also offer sports betting -- are popular (AFP Photo/Johannes Eisele)

The Group of Seven countries are in fundamental agreement that the Chinese yuan should be part of the IMF's international basket of reference currencies, but there is no need to rush it, German Finance Minister Wolfgang Schaeuble said Friday.

"There are technical issues and not just technical ones" to sort out, Schaeuble told a news conference concluding a meeting of G7 finance ministers and central bank governors. "We are in full agreement on the goal, but it would not be good to rush it," he added.

Beijing has been pushing for its currency, the yuan or renminbi, to play a greater role in the world financial system and be included in the basket that makes up the International Monetary Fund's own "special drawing rights" reserve currency.

Washington has long claimed that the yuan was manipulated, but the IMF said on Tuesday that the currency is "no longer undervalued".