Home / Business / Finance

Yuan on course for global role, official says

By Wang Xiaotian | | Updated: 2013-05-28 15:42

The yuan will become a key global currency in 30 years, said Chen Yulu, a monetary policy committee member at People's Bank of China.

And the liberalization of the country's capital account, covering portfolio investment and borrowing, will be achieved between 2015 and 2020.

"China needs to fulfill three steps to float the yuan worldwide," said Chen, who is also president of Beijing-based Renmin University of China, in a report about China's financial development path.

He said the country should take the first decade to achieve widespread use of the currency in neighboring countries and regions and then spend the next 10 years to float the yuan across Asia, before it becomes a major currency like the dollar.

And the liberalization of the capital account is an inevitable choice as well as long-term strategy, he said.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349