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The reforms, which the Congress is likely to ratify Friday, aim to give emerging economies a greater clout in the International Monetary Fund's policies.

Analysts are divided over the yuan's entry into the IMF's basket of reserve currencies -- some call it largely symbolic while others believe it could boost market reforms.

The International Monetary Fund on Monday admitted China's renminbi into its basket of currencies -- but whether China will open its capital markets remains to be seen.

The IMF announcement, likely to be made Monday, would put further pressure on Beijing to carry out financial reforms and loosen its grip on the currency.

A key indicator of economic health, business travel is forecast to rise by more than 6 percent in Europe next year, according to a new study.

Zimbabwe President Robert Mugabe joins a list that includes Cuba's former President Fidel Castro as the winner of the annual Confucius Prize, a Chinese alternative to the Nobel Peace Prize.

A new IMF report predicts low economic growth of 2.5 percent for the Middle East and Central Asia as oil-rich states look to cut spending to avoid depleting their assets.

Lorenzo Mendoza runs Venezuela's largest private company, Empresas Polar.

The fund's chief says global economies still face substantial risks and that "continued monetary policies and improved financial stability" constitute the best course.

A new Greek parliament was sworn in on Saturday, and the debt-racked eurozone country faces immensely unpopular measures to free up more aid.

"Poverty is not proof of virtue, and prosperity is not proof of sin," the pundit tweeted.

The French-American tailor had fashioned suits for presidents from Lyndon Johnson to Barack Obama.

India's macroeconomic situation has improved considerably since the "taper tantrum" of 2013, not least thanks to lower prices for the commodities it imports.

ormer Greek Prime Minister Alexis Tsipras played down fears on Sunday that a snap election in two weeks would produce a fractured result, saying there were enough undecided voters to produce a clear winner on the day.

The International Monetary Fund warned of increasing downside risks to the world economy because of volatility in stock markets and plunging commodity prices.

"It's all consistent with a global economy which clearly is struggling to make any significant headway," Commerzbank economist Peter Dixon said.

The deal provides the war-torn nation an immediate debt relief of approximately $3.6 billion.

The baton now passes to the third largest bloc in parliament, the far-left Popular Unity party that broke away from Alexis Tsipras's leftist Syriza party just last week.

Fresh evidence of easing growth in China hammered global stock markets Friday, driving Wall Street to its steepest one-day drop in almost four years.

Alexis Tsipras has resigned his mandate, but with the opposition in tatters there's no one else to take the reins.

The move comes after Greece narrowly escaped an exit from the 19-member eurozone in July following months of uncertainty.

The president of the German lower house of parliament has invited lawmakers to a special session on Wednesday morning to vote on a new 86 billion euro bailout package for Greece.

The bailout bill will face a vote in the German Bundestag (parliament) next week.

Rodrigo Rato, who headed the IMF from 2004 to 2007, is a target of tax, money-laundering and other investigations.

The measure is expected to be put to a parliamentary vote by Friday, but opposition from within the Syriza party has raised concerns of delays.

A leading German think tank says the Greek crisis has already benefited Germany to the tune of 100 billion euros. The reason? Interest rates.

The Greek government is hoping to finalize terms of a third bailout ahead of the Aug. 20 deadline to repay 3.4 billion euros ($3.7 billion) to the ECB.

The country's leaders have struggled to contain a revolt against austerity measures from within the governing party.