SBP’s Aziz sees renminbi gaining ground in global reserves
Pakistan’s reserves head sees potential for Chinese renminbi to muscle in on the euro and yen’s territory
The Chinese renminbi will likely increase as a share of global reserves over the next five years, to between 5% and 10%, the State Bank of Pakistan's head of reserves has said.
As its share grows, other currencies will lose out. "Currently, it seems the negative rates of the yen and euro mean they will be the most likely affected," Aniq Aziz says.
Over the longer term, Aziz believes the renminbi will grow to occupy a larger proportion of global reserves if, instead of muscling in on the dollar
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