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Sovereign Wealth Funds Briefing - Categorized | Financials, People, Reserve Currencies

‘Not clear’ China wants renminbi to rival dollar, says CIC’s Lau

Posted on 15 June 2012

China is pushing for the renminbi to be used more widely in commerce and finance but it is unclear if Beijing wants its currency to rival the US dollar and euro, says CIC’s Lawrence Lau.
China may eschew the multi-billion dollar annual benefits enjoyed by major reserve currency seigniorage - the revenue that a government raises by printing money that is held overseas - as this would result in Beijing having to run a trade deficit, according to Lawrence Lau, chairman of the Hong Kong arm of China sovereign wealth fund CIC………………………………………..Full Article: Source


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