Not immediately, at least. Even after the IMF's Executive Board gave the go-ahead on November 30, the yuan won't be added to the SDR basket until September 2016. So that leaves IMF members with enough time to respond to the change in the basket's composition.
Claudio Piron and Adarsh Sinha at Bank of America Merrill Lynch estimate demand for the yuan created by IMF members rearranging their SDRs to be worth $35 billion, not a particularly large number for an economy of China's size.
But the long-term implications could be more profound.
Estimates by Piron and Sinha suggest central banks already hold around $80 billion in yuan reserves. Assuming the currency eventually reaches a similar share of international reserves as the pound and the yen, the additional demand could be about $370 billion according to their calculations.
A note of caution, however. This magnitude of change in global reserves takes at least three years, and usually longer, the BoAML analysts say. This gradual pace of inflows related to the yuan's rise as a reserve currency will be more than matched by the liberalization of outflows.
Still, as the yuan gains in importance as a reserve currency, China's bond market could become more international. According to Piron and Sinha, China's bond market is the world's third largest but foreign ownership is a measly 3 percent. As more countries start parking their reserves in yuan, the number should climb as risk-averse central banks typically favor holding government bonds.
This number could climb to 20 percent of outstanding bonds, looking at the average historical record of neighboring Asian bond markets, they say.