Yuan to become global reserve currency

The Chinese yuan will become a global reserve currency to reflect China's growing economic clout, Victor Melnikov, deputy head of the Russian central bank, was quoted by the official Xinhua news agency as saying today.

The Chinese yuan will become a global reserve currency to reflect China's growing economic clout, Victor Melnikov, deputy head of the Russian central bank, was quoted by the official Xinhua news agency as saying on Wednesday.

HT Image

Russia supports the ongoing programme of settling bilateral trade in Chinese yuan or Russian rouble, Melnikov said.

China and Russia are set to start trading the yuan against the rouble in both countries.

Beijing has been trying to increase the global profile of its currency by promoting the settlement of foreign trade in yuan and signing bilateral currency swaps with other countries.