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.

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