China adviser sees yuan supplant US dollar in 30 yrs: paper

A Chinese central bank adviser sees the Renminbi superseding the US dollar as the global currency and predicts full liberalization of China’s capital account between 2015 and 2020, the China Securities Journal reported on Monday.

While the Chinese currency is already convertible under the current account - the broadest measure of trade in goods and services - the capital account, which covers portfolio investment and borrowing, it is still closely managed by Beijing because of worries about abrupt capital flows.

via Business feed http://www.scmp.com/business/economy/article/1247209/china-adviser-sees-yuan-supplant-us-dollar-30-yrs-paper