Put Reforms Ahead of Yuan Ambitions: Bernanke

American economist Ben Bernanke, the chairman of the Federal Reserve from 2006 to 2014, gives a speech via a video connection at the seventh Caixin Summit on Friday. Photo: Caixin

(Beijing) — China should put reforming its economy — which is crucial to achieving sustainable growth and boosting investor confidence — ahead of its ambition to turn the yuan into an international currency, said Ben Bernanke, the former chairman of the U.S. Federal Reserve, on Friday.

Beijing has been keen to strengthen the international role of its currency. Most recently, in October, the yuan was included in the currency basket of special drawing rights (SDR), a reserve asset of the International Monetary Fund.