Time for a single reserve currency is over, warns Gulliver
HSBC chief executive expects renminbi to become a reserve currency within 15 years and shares the bank’s outlook for the Chinese currency
The time for a single reserve currency is over and Chinese renminbi is set to become a reserve currency within 15 years, sharing that status with the US dollar and the euro, according to Stuart Gulliver, group chief executive of HSBC.
Speaking at the British American Business annual conference in London on June 28, Gulliver claimed a shift towards reserves held in the yuan will be part of a broader financial revolution that will include the further development of China's financial services
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