Steps still needed for renminbi to become reserve currency – BIS head of banking

Zöllner looks at the prospect of the renminbi gaining reserve currency status. Photo: BIS

Chinese authorities will need to continue to open up their markets and modernise their market infrastructure if the renminbi is to gain the status of reserve currency, the head of the banking department at the Bank for International Settlements (BIS) has said.

Speaking in Dar Es Salaam on June 20, Peter Zöllner praised steps that have been taken to establish the renminbi as an international currency, but noted there were a number of question marks hovering over whether it would become a reserve

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