Bundesbank’s Nagel says internationalisation of renminbi is ‘long overdue’
The Chinese yuan "has the potential to become one of the future global reserve currencies" according to Joachim Nagel, a member of the Deutsche Bundesbank's executive board.
Nagel, speaking today in Frankfurt, says the internationalisation of the renminbi is "long overdue", given China's growing economic importance, and he laid out the process by which it can develop into a global reserve currency.
Initially, he says, it will have start out as a trading currency, before developing into an
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