Despite its gains in global trade, the yuan isn\u2019t going to replace the U.S. dollar in global reserve holdings any time soon, Standard Chartered China CEO Jean Lu argued on Wednesday, even as Beijing tries to encourage greater use of the Chinese currency.<\/p>\n
\n
\u201cThere is no way\u2014at least in my career\u2014for the RMB to challenge the USD,\u201d she said during a media roundtable in Singapore.<\/p>\n
But if the yuan isn\u2019t quite ready to take the top spot, Lu suggested that other second-tier currencies might see competition from the yuan. \u201cCompared to the yen or pound, the RMB may have a chance,\u201d she said.<\/p>\n
Beijing is working to make the yuan more relevant in global finance. The most recent five-year plan, released in March, outlines the Chinese government\u2019s desire to expand the currency\u2019s role in international markets via mechanisms like so-called Panda and Dim Sum bonds\u2014RMB-denominated debt issued in mainland China and offshore markets, respectively.<\/p>\n
Investors are rethinking the importance of the U.S. dollar as the country\u2019s government debt grows; governments, too, are worried about Washington\u2019s use of the dollar to impose sanctions on countries and companies. That\u2019s prompted a shift to alternative currencies like the Swiss franc or the euro, or to other assets like gold.\u00a0<\/p>\n
Still, the U.S. dollar made up 57% of global foreign exchange reserves in the first quarter of 2026, according to the International Monetary Fund (IMF). (This was an increase of one percentage point from the previous quarter, mostly driven by the U.S. dollar\u2019s mild appreciation against other currencies.) In contrast, the yuan made up just 2% of reserves, up from 1.95% in the previous quarter.<\/p>\n
Lu blamed \u201climited liquidity in offshore markets\u201d for the yuan\u2019s struggles to gain traction overseas. Chinese capital controls make it difficult for the yuan to flow freely into global markets. \u201cWe\u2019re talking about less than 2 trillion yuan, with almost half of it being in Hong Kong,\u201d she said.<\/p>\n
The People\u2019s Bank of China, the country\u2019s central bank, is leading China\u2019s push for renminbi internationalization: This year, it tapped major institutions like Deutsche Bank as an offshore clearing bank to streamline European access to the RMB, and launched new repo facilities to allow foreign central banks to secure yuan liquidity.<\/p>\n
Use of the yuan is growing rapidly in Southeast Asia, one of China\u2019s major trading partners. In 2025, settlement volumes between China and Southeast Asia surged to 8.9 trillion yuan ($1.3 trillion), a 50.7% increase, according to a March report from Standard Chartered.\u00a0<\/p>\n
ASEAN firms are also increasingly regarding RMB capital markets as reliable tools for hedging and fundraising. For instance, in June, Singapore Airlines made its debut in the offshore yuan market by issuing a 1.5 billion yuan Dim Sum bond.<\/p>\n
Geopolitical conflict is also giving the yuan\u2019s standing a boost. U.S. sanctions on Russia imposed after the invasion of Ukraine pushed Moscow\u2019s trading partners, like China and India, to adopt the yuan as an alternate trading currency. After the U.S.\u2019s strikes on Iran earlier this year, Tehran also asked shippers trying to cross the Strait of Hormuz to pay tolls in yuan.<\/p>\n
Trade between Southeast Asia and China is hitting historic highs, driven by new infrastructure projects like the Pinglu Canal, which connects southwestern China to the Beibu Gulf, cutting logistics costs by as much as 30%.\u00a0<\/p>\n
\u201cSoutheast Asia is not too far from China, and has similar languages, culture and shared heritage,\u201d Patrick Lee, Standard Chartered\u2019s ASEAN and Singapore CEO, said at the Sept. 29 media roundtable. \u201cWith the supply chain shifts and geopolitical changes we\u2019re seeing, Chinese companies see ASEAN as an attractive place to [invest and] build supply chain ecosystems in.\u201d<\/p>\n
Yet Southeast Asian manufacturers are now struggling with Chinese overcapacity. Thailand saw over 2,000 factory closures in 2024 due to an influx of cheap Chinese steel and other goods, while Indonesian textile manufacturers struggled to stay competitive, according to the Asia Society Policy Institute\u2019s Shay Wester.<\/p>\n
Lee and Lu, however, think that China is committed to not just selling, but also manufacturing, goods in Southeast Asia.<\/p>\n
\u201cChina\u2019s larger [state-owned enterprises] and [privately-owned enterprises] are definitely coming to Southeast Asia to lay down their roots and invest for the long term,\u201d Lee said. \u201cIt\u2019s also a bet on the ASEAN economies to upskill and upgrade their companies and their systems.\u201d<\/p>\n
Lu, too, dismissed claims that China is simply exporting its industrial overcapacity. \u201cWith the threat of a possible tariff and trade war, everyone is urging China to come to their markets to manufacture there, and help them build up their own industries and train their workers\u2026 it\u2019s a golden opportunity for both China and ASEAN.\u201d<\/p>\n<\/div>\n
#Standard #Chartered #China #CEO #yuan #challenges #USD #chance #pound #yen<\/p>\n","protected":false},"excerpt":{"rendered":"
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<\/p>\n