US managers say RMB has a long way to go

When it comes to foreign investment into Chinese bonds and the adoption of the renminbi as a reserve currency, most US fund managers remain sceptical, while Chinese officials seek to reinterpret what a reserve currency is. US fund managers argue, essentially, that China wants the world to accept it can be a little bit pregnant. Chinese officials, on the other hand, argue that rules around how the International Monetary Fund (IMF) defines a reserve currency should be adjusted to re…