Yuan likely to be added to SDR basket
The International Monetary Fund (IMF) is going to make a final decision regarding adding the yuan to Special Drawing Rights (SDR) currency basket in November. Despite Chinese officials expecting it sooner, the resolution has been delayed. Yet this delay had almost no influence on the yuan as it wasn’t moving against the dollar during previous days.
In the IMF Report issued on Wednesday, it is proposed to postpone the decision until September 2016 due to the unstable situation on Chinese markets. Chinese traders still consider the yuan to have a very high chance of being included in SDR basket. The IMF claims that the “proposed extension would not prejudge the timing of conclusion or outcome of the review.”
The People's Bank of China set the rate at 6.1181 per dollar before the market opening, with minimal difference from previous fix 6.1186.
Adidas (OTC:ADDYY) buys Runtastic for $239 million
European mobile fitness startup Runtastic was bought for 220 million euros by Adidas. Runtastic has been on market for 6-years and gained a solid reputation. It is well known for its GPS fitness tracking, which has sky high download rates. Runtastic doesn’t concentrate solely on running apps. It also launched applications explaining abs exercises and home workout programs.
Besides apps, Runtastic also produces GPS trackers, watches and bike equipment.
Now users are concerned that Runtastic will change their strategy and that the apps will undergo modifications. Florian Gschwandtner, Runtastic CEO & co-founder commented: “Both companies firmly believe that together we can build a unique product portfolio and unparalleled customer journey for our existing community members and future users.”
After the announcement of the decision to acquire the Runtastic, Adidas (XETRA:ADSGN) stocks gained 1.1 percent to 75.29 euros.