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Bank of England's Carney sees China's yuan as possible reserve currency

Bank of England's Carney sees China's yuan as possible reserve currency
FILE PHOTO: The Governor of the Bank of England, Mark Carney hosts a Financial Stability Report news conference at the Bank of England, in London, Britain November 28, 2018. Daniel Leal-Olivas/Pool via REUTERS   -  
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LONDON (Reuters) – China’s yuan could potentially become a future global reserve currency alongside the U.S. dollar, but such shifts tend to be much slower than changes in the size of countries’ economies, Bank of England Governor Mark Carney said on Wednesday.

“As the world re-orders, this disconnect between the real and financial is likely to reduce, and in the process other reserve currencies may emerge. In the first instance, I would expect these will be existing national currencies, such as the RMB,” Carney said, referring to the Chinese currency.

Carney made the comments in an online forum hosted by the BoE to discuss the future of money with the British public.

(Reporting by David Milliken, editing by William Schomberg)

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