There is "still some way to go if renminbi is to become as important as the other four key currencies" used as global reserves, Carl-Ludwig Thiele said on November 16.

There are three criteria a reserve currency has to fulfil, the executive board member of the Deutsche Bundesbank told an audience in Frankfurt. Firstly, renminbi has "firmly established itself as one of the world's most-used trading currencies", he said.

But Chinese policymakers need to "strengthen its role as an investment