Friday, July 10, 2020
Martin Hennecke

Yuan reserves seen growing globally
The Chinese yuan could account for 8.5 percent of the global foreign reserves by 2020, with the opening up of China's capital market, according to a survey by HSBC.

Wong Pik-kuen, chief executive of Greater China at HSBC, said that the global reserve managers hold a positive attitude on the yuan as China accelerates the opening of its capital market and cross-border investment.

HSBC believes that with China's A-shares to be included in the MSCI Emerging Markets Index, and the Chinese government launching measures to support the use of yuan overseas, the demand for the yuan would rise among international investors. About 74 percent of respondents chose the yuan as the currency which is more attractive than a year before, followed by the US dollar and euro, according to the survey.

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