US dollar still reigns, but businesses and investors ramp up currency diversification: StanChart
Amid the USD uncertainty, discussions are resurfacing over the prospects of RMB internationalisation
Add BT as a preferred source
[SINGAPORE] The US dollar still dominates global trade, but the use of the Chinese renminbi (RMB) has gained strong momentum across Asean, with the trend expected to continue.
“We do not see other currencies challenging the USD’s (US dollar) dominant role in the near term,” said Jean Lu, chief executive officer of Standard Chartered Bank in China in an interview with The Business Times.
“That said, the increasing demand from international investors and trade businesses for currency diversification and portfolio de-risking or re-balancing is a genuine and notable trend,” she added.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
