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RMB like fashion wedding dress ly to become global reserve currency within 15 years

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RMB like fashion wedding dress ly to become global reserve currency within 15 years
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RMB likely to become global reserve currency within 15 yearsPublished: 01 Apr 2009 23:30:34 PST

Apr. 2, 2009 (China Knowledge) – The Chinese currency, or Renminbi, may become a global reserve currency within 15 years, said Alexei Kudrin, the Russian Finance Minister.

The minister said that the country needs that time to loosen its foreign exchange system to achieve that goal.

As China is playing an increasingly important role in the world, the Chinese currency has become more and more attractive to some of the Asian giant’s trading partners, said Kudrin, adding that the Renminbi would immediately become a global currency once the authorities liberalized its currency regulations.

So far, China has signed a total of RMB 650 billion worth of currency swap deals with South Korea, Malaysia, the Hong Kong SAR government, Belarus, Indonesia and Argentina, in a bid to boost bilateral trade with those countries amid the global economic recession, according to an earlier report from China Knowledge.

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