Yuan set for 10% of assets at central banks
Print Edition
THE yuan is expected to make up 10 percent of reserves at central banks around the world by 2025 as they look to diversify their portfolio, an HSBC survey has showed.
Thirty-five central banks, or 53 percent of respondents, said they were either investing or considering investing in yuan assets now, according to the survey published in HSBC Reserve Management Trends 2015.
The average view of 51 reserve managers responsible for US$2.7 trillion in reserves was that the yuan would make up 10 percent of global reserves by 2025, the survey said.
The growth in the yuan’s importance will be gradual as the currency is set to account for 2.9 percent of reserves by the end of 2015, 6.9 percent by 2020, 10.4 percent by 2025 and 12.5 percent by 2030.
“Reserve managers seem to be caught between a rock and a hard place, with deep concerns about both negative rates in euro and the prospect of rising rates in the US dollar,” said Christian Deseglise, global head of central banks and reserve managers at HSBC. “In this context, the continued adoption and steady rise of the yuan in central bank reserves is striking.”
One Asian central banker said the yuan’s share would hit 50 percent by 2030.
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