What is the role of the IMF (International Monetary Fund) in the process of Economic Development of developing countries? On Dec 2, 2015, the IMF has upgraded the Chinese currency Renmenbi (the Yuan) to one of the world's reserve currency (so called hard currency) status to align with British Pound, Yen, Euro and the US$. The IMF's decision to officially recognize the China's currency is a symbol of bringing China to the elite status of the internal currency market. This designation of the Renmenbi as a reserve currency is more realistic approach for China as the second largest economy of the world and one of the fastest growth developing countries in the world. After having this status effective in September 2016, there will be several economic and political ramifications of this change of currency status of China. From the perspective of economic development of China and its trading partners, briefly and critically answer the following questions. To qualify for the full credit, you are required to respond to at least one posting from your fellow class mates in this forum.