Market Views: Could the RMB dislodge the US dollar as a reserve currency?
As central banks around the world hold record levels of reserves in Chinese renminbi, experts are split on whether the currency will be a rival to the US dollar.
The internationalisation of the Chinese yuan (CNY or RMB) has opened up opportunities for asset classes such as Chinese bonds, but experts told AsianInvestor that there are still some challenges to overcome before the currency can rival the US dollar (USD).
The Chinese government has been working towards the internalisation of the RMB since the Great Financial Crisis, and has made some headway in that area.
In the first quarter of this year, central banks held $287.5 billion wo…
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