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RBS says CNY has the potential to become global reserve currency

March 18, 2011 Comments off

finchannel.com

The FINANCIAL — The Royal Bank of Scotland Plc (RBS) believes Chinese Renminbi (CNY) can potentially become a world reserve currency comparable to the USD.

This is one of the findings in the newly released research report ‘CNH Market Guide: A precursor to internationalisation of the Chinese Renminbi’, the most comprehensive research yet to look at the offshore CNY market in Hong Kong, also known as the CNH market.

The combination of growth in the offshore CNY market and the sheer size of the Chinese economy will support the Chinese government’s ambition to internationalise its currency, according to RBS.

“China now holds 30% of the world’s USD9trn foreign reserves. The other 70% which does not belong to the People’s Republic of China (PBOC) could potentially be held in CNY. As China’s share Read more…