Central banks up reserves of RMB to a high
By CHEN JIA |
China Daily |
Updated: 2021-07-02 08:12
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5-year record shows Chinese yuan's internationalization progressing well
Central banks around the world are holding record levels of reserves in Chinese yuan, according to IMF data.
Analysts said the current five-year high marks another step forward for the Chinese currency's internationalization, a process that began a few years back.
In the first quarter this year, various central banks held $287.46 billion worth of Chinese RMB in official foreign exchange reserves, the highest level since the fourth quarter of 2016 and representing 2.45 percent of the total, the International Monetary Fund reported on Wednesday.