China making efforts to make yuan dominant currency: Gita Gopinath

China is following a recipe of what it takes to become a dominant currency, but currently the yuan remains far behind the US dollar in international financial transactions unrelated to trade according to prominent Indian-American economist Gita Gopinath. China is following a market recipe of what it takes to become a dominant currency, Gopinath said. China is trying to convince its trading partners invoicing in renminbi, the official Chinese currency, but it does not have the financial institutions as is the case with the US dollar, she said, adding that it has to be both trade and finance. So, if one does not have financial institutions, free capital flows, free exchange rate mobility and free convertibility, it would be difficult for it to become a dominant currency, she said.