China's currency ascendancy a 'seismic event' | Asia Pacific

China's currency ascendancy a 'seismic event'

China's currency ascendancy a 'seismic event'

Updated 1 August 2014, 12:25 AEST

There's an expectation China's renminbi will become a fully fledged global currency within the next five years.

It's a short time frame for a very big job.

China's financial system isn't yet at a stage where the renminbi can hold its own against the world's most traded currencies like the US dollar or the British pound.

But the world's second largest economy won't be denied that recognition for long.

Correspondent: Karon Snowdon

Speakers: Thierry de Longuemar, Asian Development Bank vice-president

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