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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
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Jamie Dimon discusses the sustainability of the U.S. recovery, China’s bond market and cybersecurity.(Source: Bloomberg)
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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.”