RMB presence in global foreign reserves continues to rise
Analysts say, rise of the renminbi reflects increased interest in holding the currency and the need to reduce dependence on the US dollar
In the second quarter of this year, the proportion of RMB assets held by central banks in various economies continued to rise in global foreign exchange reserve assets, equivalent to that of the Australian dollar and Canadian dollar, The Paper reported.
According to the quarterly data published by the IMF, as of the first six months this year, RMB foreign exchange reserve assets has reached US$193.38 billion, accounting for 1.84% of the total foreign exchange reserve assets of the 194 countries which voluntarily report the composition of their foreign exchange reserve.
This proportion is slightly higher than Australian dollar’s 1.7%, but just below the Canadian dollar’s 1.91%.
The 149 countries’ total foreign exchange reserve assets add up to US$10.52 trillion, while that of the world was US$11.48 trillion, as of the end of the second quarter.
Analysts believe that the rise in the share of the renminbi reflects the increased interest of holding RMB, as well as the need to reduce dependence on the US dollar and promote the diversification of foreign exchange reserve assets.