Germany’s central bank said on Monday it will include the renminbi in its currency reserves, giving the Chinese currency’s international stature a boost after 2017 saw its role in global payments diminished.
Bundesbank board member Andreas Dombret made comments confirming plans for the currency’s inclusion at the Asian Financial Forum in Hong Kong on Monday.
The European Central Bank already holds renminbi as a reserve currency and the International Monetary Fund has approved its inclusion in the Special Drawing Right Basket since 2016.
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