The Navy Times reports that the U.S. Navy has dispatched a small armada to the South China Sea.The carrier John C. Stennis, two destroyers, two cruisers and the 7th Fleet flagship have sailed into the disputed waters in recent days, according to military officials. The carrier strike group is the latest show of force in the tense region, with the U.S. asserting that China is militarizing the region to guard its excessive territorial claims. Chinese officials dismissed claims that China was militarizing the region, pointing to the Stennis's patrol as evidence that the U.S. was to blame for the increased military tensions."The accusation [that China is militarizing the region] can lead to a miscalculation of the situation," said Fu Ying, a spokeswoman for China's National People's Congress. "If you take a look at the matter closely, it's the US sending the most advanced aircraft and military vessels to the South China Sea."

Bloomberg says that the International Monetary Fund said it will start identifying the yuan in its official foreign-exchange reserves database starting in October, advancing China's push for a bigger international role of its currency, which is also known as the renminbi.The listing will enable IMF members "to record as official reserves their holdings of renminbi-denominated external assets that are readily available for meeting balance of payments financing needs," the Washington-based lender said Friday in a statement. The change will be reflected in the IMF's fourth-quarter survey on the currency composition of official foreign-exchange reserves, known as Cofer, that covers a total of 96 countries. That survey will be published at the end of March, 2017.China is seeking a more prominent role in the global economy and showcased its stature when it hosted a meeting of the Group of 20 last month.