European central banks opt for yuan.
Global Banking News-January 18, 2018--European central banks opt for yuan
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Global Banking News - 18 January 2018
More central banks around the world have revealed that they are to add the Chinese yuan as part of their reserve currency basket.
While the Bank of Spain said it is considering an investment in the yuan, the National Bank of Belgium has already bought around EUR200m worth of the Chinese currency. Slovakia meanwhile said that it has purchased an undisclosed amount of yuan.
The European Central Bank converted EUR500m worth of its US dollar reserves into the Chinese currency last year. The yuan's status increased after the International Monetary Fund included the currency in its Special Drawing Right basket from October 2016, placing it into an elite group that includes the euro, the dollar, the Japanese yen and the British pound.
The Swiss National Bank and the Bank of England already manage yuan assets and the Bundesbank is said to be planning for such an investment.
Meanwhile Sweden's Riksbank and the National Bank of Slovenia have stated that they are not planning for an investment in yuan.
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