20 April 2019

RMB seen as second major currency in five years, Xinhua says

The Chinese renminbi will be the second or third most important currency in the world in five years, the official Xinhua news agency reported Thursday, citing HSBC Holdings Plc. (00005.HK) group chief executive Stuart Gulliver. The offshore renminbi market is promising, with bond funds and pension funds expected to drive investment in renminbi products, Gulliver was quoted as saying. Meanwhile, economic reform in the mainland will bring greater opportunities for small and medium-sized enterprises and create more jobs, he said.

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