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Fortune

Angelica Ang

‘No way’ the yuan challenges the U.S. dollar—though it might gain ground against the pound or yen, says Standard Chartered’s China CEO

China Standard Chartered Patrick Lee United States ASEAN SouthEast Asia Singapore

(Credit: CFOTO/GETTY IMAGES)

Despite its gains in global trade, the yuan isn’t going to replace the U.S. dollar in global reserve holdings anytime soon, Standard Chartered China CEO Jean Lu argued on Wednesday, even as Beijing tries to encourage greater use of the Chinese currency.

“There is no way—at least in my career—for the RMB to challenge the USD,” she said during a media roundtable in Singapore.

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