PBOC’s Yi: Reforms needed to make the Yuan a "real" reserve currency

Reuters reports comments from PBOC Deputy Governor Yi Gang, delivered at an event late-Wednesday in Beijing.

Key Headlines:

Yuan not yet a real reserve currency

More reforms and further opening of its financial markets are needed to make the Chinese currency a "real" reserve currency.

China needs to catch up with other "first-class" financial markets.

There is a "very long distance between China and developed markets.