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- Central banks will accelerate rise of China's yuan - OMFIF report
Central banks will accelerate rise of China's yuan - OMFIF report
Reuters reports that a Global Public Investor survey showed that the Chinese yuan is on course to become a much more influential part of the global financial system with almost a third of central banks planning to add the currency to their reserve assets.
Survey, published annually by the London-based OMFIF think tank, showed 30% of central banks plan to increase yuan holdings over the next 12-24 months, compared to a much smaller 10% last year.
Other eye-catching findings from the report showed that 75% of central banks now think monetary policy is having excessive influence on financial markets, although only 42% think these policies needs to be actively reconsidered.
In stark contrast to the yuan, 20% of central banks plan to reduce their holdings of the U.S. dollar over the next 12-24 months and 18% plan to reduce their euro holdings over the same time period.
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