Yuan assets may hit 8.5% of global reserves by 2020
People's Bank of China survey covers managers in 79 central banks, running a total US$5.5 tn in foreign reserves
By 2020 the proportion of yuan currency in the global foreign reserves is expected to reach a staggering 8.5%, according to a recent survey on foreign reserve managers around the world, Economic information Daily reported.
The survey, conducted by an official magazine of the People’s Bank of China, covers foreign reserve managers in 79 central banks, running a total US$5.5 trillion of foreign reserves and accounting for 54% of the total global reserves.
Compared to the results of the same survey three years ago, when the yuan was not included in the IMF’s SDR currency basket, the respondents have since become much more optimistic about yuan.
Three years ago, they predicted that the share of the yuan in global foreign reserves would be expected to reach 6.9% by 2020.
According to the IMF, at the end of 2017, the proportion of yuan assets in global foreign exchange reserves was about 1.2%.