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European Central Bank Executive Board member Yves Mersch said on Wednesday that China’s yuan currency is gaining importance in international trade and investment and might ultimately challenge the U.S. dollar. Speaking in Luxembourg, at a conference on the Chinese yuan, Mersch urged the Chinese government to continue reforming its economy and its financial sector because the yuan was taking the first steps towards establishing itself as an international investment currency. Luxembourg is competing with other European financial centers, including London, for a major role in the growing market for offshore yuan.

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