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China Global Yuan Push Faces Challenges, Adviser’s Report Says

China’s efforts to make the yuan a global currency may be hampered by the lack of an independent monetary policy, fragile domestic financial markets and an “unbalanced” economy, a report edited by an adviser to the nation’s central bank warned.

“In the process of yuan internationalization, it will be hard to gain the confidence of the international community in the value of the yuan if monetary policy lacks sufficient independence,” according to the report from the International Monetary Institute of Renmin University in Beijing. Chen Yulu, the editor-in-chief of the report, is an academic adviser to the People’s Bank of China and president of the university.