HONG KONG (Reuters) - Germany's central bank has decided to include China's currency, the yuan CNY=CFXS, in its foreign exchange reserves, Bundesbank board member Andreas Dombret said in Hong Kong on Monday.
“I can today say that also the German central bank, the Bundesbank, has decided to include renminbi in our currency reserves,” Dombret told a finance forum.
The European Central Bank in June switched 500 million euros worth of its U.S. dollar reserves into yuan, reflecting the increased use of the Chinese currency and Beijing’s importance as one of the euro area’s biggest trading partners.
Reporting by Michelle Chen; Writing by John Ruwitch in Shanghai; Editing by Sam Holmes
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