Standard Chartered China CEO Says Yuan Won’t Challenge Dollar in Her Career
Jean Lu said the renminbi may compete more closely with the yen and pound as China expands its use in trade and offshore finance.
Standard Chartered China CEO Jean Lu indicated that the renminbi is unlikely to challenge the U.S. dollar as the world’s leading reserve currency during her career, while saying China’s currency could compete more closely with the Japanese yen and British pound.
Lu made the remarks at a media roundtable in Singapore on Sept. 30. Her assessment comes as China expands the renminbi’s use in trade settlement, offshore debt markets and cross-border payments.
The U.S. dollar accounted for 57.13% of allocated global foreign-exchange reserves in the first quarter of 2026, up from 56.42% in the fourth quarter of 2025. The renminbi’s share rose to 1.99% from 1.95% over the same period.
Total official foreign-exchange reserves covered by the data declined to $13.10 trillion from $13.15 trillion. The figures measure allocated reserve holdings rather than the full use of currencies in trade settlement, payments, bond issuance or private-sector transactions.
China’s currency still faces limits from offshore liquidity constraints and capital controls. At the same time, Hong Kong renminbi deposits reached approximately RMB1 trillion in March, while offshore renminbi bond issuance reached RMB850 billion. Onshore panda-bond issuance totaled RMB195 billion.
Singapore Airlines issued RMB1.5 billion of offshore renminbi notes on June 30. The notes carry a 2.38% coupon and mature June 30, 2031.
China’s 2026–2030 financial-policy plans include expanding cross-border yuan payments, strengthening offshore renminbi markets and increasing the supply of high-grade yuan assets. Those measures are intended to support wider international use of the currency, although the reserve data show a substantial gap between the renminbi and the dollar.
The dollar’s reserve share increased even as the renminbi’s share edged higher, underscoring the different scale of their roles in global official holdings.
