BEIJING Nov 9 It could be another 15 years
before China's yuan becomes a major reserve currency accepted
and traded all over the world, former People's Bank of China
governor Dai Xianglong said on Wednesday.
"The Chinese yuan will be used to settle many trade deals in
the coming two or three years; will be used as an investment
currency in the coming five to 10 years; and to become a major
reserve currency after three five-year periods," Dai told an
international financial forum in Beijing.
Dai, now the chief of China's state pension fund, said the
Chinese yuan -- also known as renminbi -- will eventually gain
global clout befitting the country's status as the world's
Beijing is trying to give a bigger international role to its
currency, which is not fully convertible yet, by promoting the
use of yuan in cross-border trade settlement and investment,
especially with its offshore yuan trading centre Hong Kong.
China's government is unhappy that the international
currency system is so dollar-dominated at present.
Dai said a truly international currency would help China
stand tall in global financial markets and encourage development
of homegrown international banking and financial expertise.