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China’s currency will account for 10 percent of world reserves by 2025- survey

13.04.2015 20:40

China’s currency will account for 10 percent of world reserves by 2025- survey

YEREVAN, April 13. / ARKA /. China’s currency will account for 10 percent of world reserves by 2025 with Asian monetary authorities showing the most support, according to a survey of central banks carried out in March, vestifinance.ru reported.

The yuan will make up an estimated 2.9 percent of foreign-exchange stockpiles by the end of this year, based on the Central Banking Publications survey sponsored by HSBC Holdings Plc, Bloomberg reported. It includes responses from 72 monetary authorities with $5.9 trillion in reserves. Thirty-five said they either hold yuan or are considering doing so.

The results come as China calls for the International Monetary Fund to include the yuan in the agency’s four-currency reserve basket at a review later this year. Inclusion would help the world’s second-largest economy challenge the dollar’s dominance in global trade and finance.

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