Saudi Arabia sees yuan ‘far from being reserve currency’
17/03/2014 10:44 am EDT

share with your network:

Fahad al-Mubarak, the governor of the Saudi Arabian Monetary Agency (SAMA) has said the kingdom thinks that the Chinese yuan is a good option for diversifying foreign currency reserves, but it is still far from being a reserve currency, Reuters has reported. “We think it is a stronger currency, but it is far from being a reserve currency at this stage,” said Mubarak when asked whether it made sense to consider diversifying the central bank’s reserves to include the yuan or explore a currency swap agreement. “But indeed it represents a good option and a good diversifier and we have seen that some of the central banks have some reserves in the renminbi,” he said at an annual news conference in the Saudi capital.

About the Author

share with your network:

Share your view

© 1996-2016 Media quest FZ LLC A media and entertainment company
Middle East Main Office
[email protected]
© 2016 Dubai Business | Ameinfo . All rights Reserved.