BEIJING, Aug 3 (Reuters) – The yuan may only account for 3 to 5 percent of global reserve currencies a decade from now, an advisor to China’s central bank said on Wednesday, in remarks that underscored the global importance of the dollar as an investment.
Writing at a time of global concerns over U.S. economic health, Xia Bin, an academic member on the monetary policy committee of the People’s Bank of China, said the dollar would remain an important reserve currency for a long time yet.
“The dollar will serve as the most important world reserve currency for a quite long time in the future,” Xia said in an article published in the China Finance magazine.
Confidence in the dollar and the U.S. economy has taken a beating after the United States narrowly escaped a disastrous debt default this week, running the risk of losing its gold-plated credit rating.
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