HSBC CEO Stuart Gulliver has predicted that the Chinese yuan will be a major reserve currency in 20 years, The Wall Street Journal reports. The estimation comes as the U.S. dollar has lost its hold with investors.
Gulliver further adds that the euro will also become one of three major currencies held by governments as well as institutions and the yuan will not replace the dollar entirely. As per the current International Monetary Fund data, dollar accounts for nearly 61% of FX reserves, while euro makes up nearly 26% of the total.
Click here for the story from The Wall Street Journal.