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2 Jul, 2021 08:41

Chinese yuan’s share of global currency reserves hits new high

Chinese yuan’s share of global currency reserves hits new high

The share of Chinese currency held by global central banks reached a new high of 2.45% in the first quarter of 2021, the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey states.

The total yuan in foreign exchange reserves climbed to the equivalent of $287.46 billion.

The yuan’s previous forex share was 2.2% in the last quarter of 2020. According to the IMF’s COFER survey, China’s currency has now seen nine consecutive quarters of growth since the IMF started tracking the yuan’s share in 2017.

The survey also showed the US dollar is the most widely held currency by global central banks. The greenback’s share now stands at 59.5%, with the euro and the yen far behind at 20.57% and 5.89% respectively.

Also on rt.com US dollar grabs bigger share in global currency reserves, but broader trend indicates shift away from greenback

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