UBS believes the RMB could account for 10% of global reserves

PANews reported on January 23 that UBS Asset Management stated China will benefit if investors increase portfolio diversification amid growing concerns over U.S. policy. Massimiliano Castelli, the company's Global Head of Sovereign Markets Strategy, said that if tensions involving the United States escalate—such as increased pressure on the U.S. Treasury market and mounting attacks on the Federal Reserve that undermine U.S. credibility—the share of the renminbi in global central bank foreign exchange reserves could rise to around 10% in the medium term.