The acceptance of China's renminbi as global reserve currency will depend on the pace of financial sector reforms and opening of its external capital accounts, the World Bank said in a report on Monday.
"China's growing weight in world trade, the size of its economy and its role as the world's largest creditor will make the internationalization of China's renminbi inevitable," it said.
The report called "China 2030: Building a Modern, Harmonious, and Creative High-Income Society", recommends steps to deal with the risks facing China over the next 20 years, including the risk of a hard landing in the short-term.
"The case for reform is compelling because China has now reached a turning point in its development path," President Robert Zoellick said. The World Bank urged China to complete its transition to a market economy.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.