Progress in yuan going international

Source: Xinhua | 2018-08-13

The internationalization of the renminbi has made progress, Zhou Xiaochuan, former governor of China’s central bank, said on Saturday.

“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 vital for reserve currencies, he said.

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