The International Monetary Fund (IMF) said currencies beyond the dollar, euro, pound, and yen may meet the same key threshold as the Chinese yuan did to qualify for inclusion in the lender's basket of reserve currencies.

The IMF's executive board this week approved the inclusion of the yuan in the fund's Special Drawing Rights (SDR) basket, alongside the currencies of the U.S, euro area, the U.K., and Japan. The change will take effect Oct. 1, 2016.

Based on the IMF's criteria, "there are additional currencies that could potentially be determined to be freely usable currencies," according to a Nov. 13 paper by fund staff members that was released Tuesday in Washington. The paper, which was used by executive directors to consider whether to include the yuan, doesn't specify which currencies might make the list.

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