Ex-IMF China Chief: Yuan won't rival dollar without overhaul - BBG

In his latest piece titled "Gaining Currency: The Rise of the Renminbi", Former IMF China division Chief Eswar Prasad, noted that the Chinese currency won’t ever truly rival the dollar, at least, without an overhaul in political and regulatory structures.

 Key Quotes via Bloomberg:

"China’s underdeveloped, volatile and weakly regulated financial markets will constrain the renminbi’s ascendance as a reserve currency." 

"It is unlikely to become a safe-haven currency in the absence of the rule of law, an independent central bank and an institutionalized system of checks and balances on the government."

“These changes to China’s legal, institutional and political structure are necessary to engender the trust of foreign investors -- the defining attribute of a safe haven currency. The current Chinese leadership has made it abundantly clear that such changes are not on the cards."