Bundesbank, Germany's central bank, has decided to include the yuan in its foreign exchange reserves, a move seen to boost the international status of China’s currency.
Andreas Dombret, a member of Deutsche Bundesbank’s executive board, said that the central bank had decided to include the yuan in its currency reserves in 2017 after the European Central Bank (ECB) made €500 million worth of investments in yuan assets.
"The renminbi is used increasingly as part of central banks' foreign-exchange reserves. For example, the European Central Bank included the RMB but also other European central banks did so," Dombret said.
Dombret did not reveal how much the bank plans to buy, but later he told that it was "not a major amount".
The yuan joined the International Monetary Fund’s Special Drawing Right (SDR) basket in 2016.
