The yuan’s status as a global currency might be gaining ground. But top CEOs see more hurdles to clear
2024-06-26 09:27:47 source：CNBC
June 25, 2024
DALIAN, China — For China’s yuan to be used more globally, the currency needs more “applications” such as for stocks and bonds, Bonnie Chan, CEO of Hong Kong Exchanges and Clearing Limited, said on a panel Tuesday.
Beijing has long touted its ambitions for increasing global use of the Chinese yuan — also known as the “renminbi” or “RMB” — in an international financial market where the U.S. dollar is the dominant currency. U.S. sanctions on Russia have also increased the pressure on some countries to have alternatives to the greenback.
Chan, speaking during the World Economic Forum’s “Summer Davos” meeting in Dalian, China, noted that people hold a currency for trade, or, more importantly, as a store of wealth.
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