“There is no way—at least in my career—for the RMB to challenge the USD,” she said during a media roundtable in Singapore. But if the yuan isn’t quite ready to take the top spot, Lu suggested that other second-tier currencies might see competition from the yuan. “Compared to the yen or pound, the RMB may have a chance,” she said. 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’s desire to expand the currency’s role in international markets via mechanisms like so-called Panda and Dim…
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