According to the IMF, the US dollar accounted for 62 per cent and the renminbi 1.8 per cent of the world’s US$11.4 trillion in outstanding reserves. Photo: Reuters
Opinion
Opinion
Macroscope
How China’s yuan can gain ground against the US dollar and the euro as a global reserve currency of choice
- David Brown says the yuan has a gap to fill as the dollar’s share as a reserve currency slips and concerns about the euro’s future persist. However, market liberalisation and a hands-off approach to the currency in China are crucial
According to the IMF, the US dollar accounted for 62 per cent and the renminbi 1.8 per cent of the world’s US$11.4 trillion in outstanding reserves. Photo: Reuters