Dimon Says China's Yuan May Rival Dollar's Role in 20 Years
China will have to embrace a convertible currency, Dimon says
Officials will need to let investors buy, sell freely: Dimon
China has a long list of financial reforms to tackle before the yuan can rival the global role of the dollar, according to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.
“Eventually, it will be comparable -- eventually is 20 or 30 years,” Dimon said when asked in an interview with Bloomberg Television’s Stephen Engle whether China’s yuan would rise to have a role akin to the dollar in the global financial system. “It’s not comparable if it’s not convertible.”