FX Week Asia: World economy 'needs alternative reserve currency'

Chinese renminbi looks poised for reserve status, but still no consensus on when it will happen due to forces beyond "anyone's control", senior academic tells FX Week Asia conference in Singapore


The world economy needs an alternative reserve currency, and Chinese renminbi stands a good chance of stepping up to fill the role, but it is still unclear when the currency will become sufficiently internationalised, according to a keynote speaker at the FX Week Asia conference in Singapore this morning. 

“We really need a new reserve currency to stabilise the world economy. Will renminbi become a credible international currency? There has been talk of that, but in my opinion, it is still years

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