ECB shifts some reserves to Yuan from US dollars - Reuters
|Reuters report released in the overnight session said the European Central Bank (ECB) switched EUR 500 million worth of its US dollar reserves to Chinese Yuan (CNY).
The move reflects the increased use of Yuan as the reserve currency and confidence in the PBOC’s efforts to stabilize the currency.
The ECB’s reserves include US dollars, Japanese Yen, Chinese Yuan, Gold and IMF’s Special Drawing Rights (SDRs).
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