US dollar still reigns, but businesses and investors ramp up currency diversification: StanChart

[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.