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The Chinese yuan’s appeal as a globl reserve currency will strengthen, courtesy of the continued opening in the country’s capital market, Morgan Stanley economist Robin Xing has said, according to Reuters.  

Key quotes (Source: Reuters)

The yuan’s share in global reserves will likely climb to five percent in the next five to ten years, from the current less than two percent.

The rise means central banks and sovereignty funds will purchase more yuan-denominated assets.

The financial reforms will make investors more confident about Chinese assets.