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Ex-Central Bank Governor: Yuan`s Internationalization Underway

Translator

Editor

11 August 2018 21:00 WIB

Chinese President Xi Jinping arrives for the opening session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 5, 2018. The 2018 defence budget will be 1.11 trillion yuan ($175 billion), according to a report issued at the opening of China's annual meeting of parliament. The defence spending figure is closely watched worldwide for clues to China's strategic intentions as it develops new military capabilities, including stealth fighters, aircraft carriers and anti-satellite missiles. REUTERS/Damir Sagolj

TEMPO.CO, Shanghai - The internationalization of the renminbi has made progress, Zhou Xiaochuan, former governor of China`s central bank, said on Saturday, August 11.


"The internationalization of the renminbi is not a linear progress. It will move faster when there are opportunities to do so. Sometimes, it will move more slowly. But in the longer view, the internationalization of the renminbi is still promising," Zhou said at a financial forum in Shanghai.

Zhou said that the development of financial sanctions would have some impact on the US dollar's use as an international reserve currency and as an international means of payment. Diversification was important for reserve currencies, and the renminbi and other currencies would begin to be considered internationally, he said.

Zhou stepped down in March after 15 years at the helm of the People's Bank of China.

REUTERS

China


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