China Can Further Promote Yuan's Global Standing: Ex-Official

China can boost the international acceptance of the yuan given that it makes up only 2% of global strategic foreign exchange reserves, while its weighting in the IMF SDR is 10.9%, Guan Tao, the global chief economist at BOC International, said in a speech on Saturday, according to a blog post on his WeChat account. This low percentage isn't proportionate to its large economy, trade and investment potential, Guan said. China should further develop more sophisticated and liquid financial markets to be more stable and predictable so as to stabilize foreign investors' confidence, Guan wrote. China should also stick with a normal monetary policy to ensure positive returns while its price-taker exporters need to upgrade their products, increase bargaining leverage and insist on yuan-based settlements, Guan said.