Hong Kong unlikely to use yuan as reserve currency

The Hong Kong Monetary Authority is unlikely to use the yuan anytime soon as one of its reserve currencies, HKMA chief executive Joseph Yam said Thursday 29 June.

"We have stringent guidelines in our reserve management. We will only use currencies as reserves if they can readily be used whenever the HKMA needs to," Yam told reporters.

"If a currency cannot be fully converted, it is unlikely for the HKMA to use it as reserves," he said.

It will take time for the yuan to become fully convertible a

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