Globalising the yuan
BEIJING - The China Banking Regulatory Commission (CBRC) outlined reforms that need to occur before the yuan can reach reserve currency status by 2020 at the FX Week China congress in Beijing last week (May 20).
Guanping Zhang, deputy director-general at the CBRC, highlighted the development of the capital markets and banking industry, which have lagged behind the country's GDP growth in recent years. He said, despite the steady progress seen in the swaps, forwards and spot markets, far more
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