Internationalized yuan to take time

China should promote the internationalization of the yuan in a pragmatic fashion and at a controllable pace, foreign exchange officials said Sept. 15.

Progress may be slow in the early stages, but will accelerate once trading and settlement arrangements are in place, said Fang Xinghai, director of the Shanghai Finance Office.

The yuan will not replace the U.S. dollar as the world's primary reserve currency or enjoy similar international status as U.S economic strength will continue to grow, he said.
The untranslated part left out of the English summary says that the government will open channels for trade companies to use renminbi, and the market will decide to what extent the currency is used, not the monetary authorities.

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