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Russia Says Yuan Could Be Reserve Currency In Decade


Russian Finance Minister Aleksei Kudrin

Russian Finance Minister Aleksei Kudrin

ST. PETERSBURG, Russia (Reuters) -- China's yuan could become a world reserve currency after it becomes fully convertible, a process that might take about 10 years, Russian Finance Minister Aleksei Kudrin has said.

"I think the shortest route would be if China liberalized its economy and allowed the convertibility of the yuan," Kudrin said.

"This could take 10 years, but after that the yuan would be in demand and it is the shortest route to the creation of a new world reserve currency and I think China needs to think about this," he said at a panel discussion at the St. Petersburg International Economic Forum.
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