The yuan cannot replace the U.S. dollar in global reserve holdings, Standard Chartered’s China CEO Jean Lu said at a media roundtable in Singapore. The yuan represents just 2% of global foreign exchange reserves in Q1 2026, compared to 57% for the U.S. dollar, according to the IMF. Settlement volumes between China and Southeast Asia reached 8.9 trillion yuan in 2025, a 50.7% increase, according to Standard Chartered. U.S. sanctions on Russia and Iran are pushing trading partners to adopt the yuan as an alternate currency, but Lu blamed limited liquidity in offshore markets for the yuan’s struggles, with less than 2 trillion yuan outside China, nearly half in Hong Kong.
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