China's renminbi will officially join the International Monetary Fund's basket of reserve currencies on October 1st. This takes the currency one step closer to the global influence the Chinese government envisions for it.

The IMF basket of currencies is referred to as the SDR, for "special drawing rights". Joining the SDR will make it possible for the IMF's 188 member nations to take out or repay loans in the Chinese currency.

According to the IMF, the renminbi will gain the third largest portion of the basket, at about 11 percent, behind the US dollar and the euro. Some experts say a more internationalized RMB will lead to a fairer valuation of the Chinese currency. But there have been worries that it could instead lead to a sudden devaluation.