Renminbi fails two out of five key tests to be reserve currency, says Malaysian deputy
Sukhdave Singh says renminbi rarely exported from China
China's currency, the renminbi, fails to meet two out of five characteristics typically required to be met for a unit of exchange to emerge as a reserves currency, according to Bank Negara Malaysia deputy governor Sukhdave Singh.
In a speech, Global RMB: challenges and implications, during a HSBC China globalising: RMB rising event, held in Kuala Lumpur on August 12, Singh says the five characteristics are: currencies that rise to dominance are often of countries that are dominant in global
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