Bloomberg News

Yuan Internationalization Needs Years, Dai Says

November 09, 2011

(Corrects number of years in first paragraph.)

Nov. 9 (Bloomberg) -- Internationalization of the yuan may require three five-year periods, Dai Xianglong, chairman of China’s National Council for Social Security Fund, said at a conference in Beijing today.

There are conditions to push for realization of the full convertibility of the yuan in five to ten years, Dai said.

Dai said that a roadmap of the yuan’s internationalization may see it taking two to three years for the Chinese currency to become a trade settlement currency, another five to ten years for it to become an investment currency before needing another few years for the yuan to becomes an international reserve currency.

To contact the editor responsible for this story: Bloomberg News at jliu42@bloomberg.net


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