Germany’s central bank has decided to add the Chinese currency to its foreign exchange reserves, according to Bundesbank board member Andreas Dombret. The move could further boost the international status of the yuan.
Speaking at a finance forum on Monday, he said the decision was taken last year after the European Central Bank (ECB) switched €500 million ($611 million) worth of its US dollar reserves into yuan. The move reportedly reflects the increased use of the Chinese currency and Beijing’s importance as one of the eurozone’s biggest trading partners.