Yuan on track to become Asia 'anchor' currency: ADB

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The yuan, or renminbi, "is being increasingly used to settle trade transactions", the ADB said in a statement issued in Singapore at the launch of its latest report, the Asian Economic Integration Monitor.

"Over time it could become an anchor currency, helping the region to integrate their economies, cooperate on monetary and finance issues as well as gradually open up the (Chinese) financial market," the statement said.

"All in all, it makes sense that some of the players - exporters and importers - start to accept the use of alternative currency, and since China is the biggest player in the field, they accept the use of the yuan for trade settlement," said Iwan Azis, head of ADB's Office of Regional Economic Integration.

He said it is "only a matter of time" before the yuan becomes an anchor currency, given that China is now the world's second biggest economy.