EBRD sees global role for the yuan

Lender believes Chinese currency will have a major part in transactions

The European Bank for Reconstruction and Development is interested in working with the Chinese monetary authority in developing local currency lending, backed by a further improved local capital market, the bank's president told China Daily.

Given his confidence in the Chinese currency, EBRD President Suma Chakrabarti doesn't expect serious depreciation of the renminbi and believes it will become one of the international reserve currencies gradually, although the process will take some time.