Renminbi fails two out of five key tests to be reserve currency, says Malaysian deputy

kuala-lumpur

China's currency, the renminbi, fails to meet two out of five characteristics typically required to be met for a unit of exchange to emerge as a reserves currency, according to Bank Negara Malaysia deputy governor Sukhdave Singh.

In a speech, Global RMB: challenges and implications, during a HSBC China globalising: RMB rising event, held in Kuala Lumpur on August 12, Singh says the five characteristics are: currencies that rise to dominance are often of countries that are dominant in global

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