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June 19, 2018

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Yuan set to play bigger global role in future

Source: Xinhua | 00:01 UTC+8 June 19, 2018 | Print Edition

FOREIGN exchange reserve managers have become more optimistic about the yuan and predict bigger global influence of the Chinese currency in the coming years, a private survey showed.

Surveyed institutions upgraded their forecast of the share of the yuan in global forex reserves in 2020 to 8.5 percent from the 6.9-percent prediction made three years ago, due to the currency’s inclusion into the IMF Special Drawing Right basket and China’s steady capital market opening up.

Seventy-four percent of respondents selected the yuan when asked which currency has become more attractive than a year ago, the highest among all global currencies and followed by the US dollar and euro.

The survey, sponsored by HSBC, covers 79 central banks worldwide that manage a total of US$5.5 trillion of forex reserves, 54 percent of the world’s total.

Christian Deseglise, global head of central banks at HSBC, said the survey confirmed the continued momentum of the yuan as the 8.5-percent ratio marks a huge rise from the 1.2-percent reading published by the IMF at the end of 2017.

International investors will have a bigger demand for yuan encouraged by the A shares’ inclusion into MSCI index, more cross-border use of the yuan, and the future inclusion of Chinese bonds into global indices, said Helen Wong, HSBC’s chief executive for China.

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