The US dollar's weight went up by 1.65 percentage points from the last review in 2015. The decision will be effective from August 1.

The review, completed on May 11, was the first review since the renminbi was included in the SDR basket in 2016, with a share of 10.92 per cent, the People's Bank of China said.

An IMF statement said the updated SDR weights were based on developments in trade and financial markets from 2017 to 2021, with IMF executive directors acknowledging the progress made on financial market reforms in China.

They called for additional efforts to further open and deepen the onshore renminbi market, and some also stressed the need to enhance data transparency, IMF said.

Reiterating China's commitment to financial market opening-up, the PBOC vowed on May 15 to simplify the procedures for foreign investors to invest in the Chinese market, enlarge the universe of investable assets, improve data disclosure and the business environment, and extend trading hours of the interbank foreign exchange market.

Fibre2Fashion News Desk (DS)