ECB gives yuan its seal of approval

Updated 2017-06-15 12:01:38 China Daily

The European Central Bank (ECB) announced it has invested 500 million euros (1 million) of its reserves in renminbi-denominated asset during the first half of this year, signaling a growing acceptance of the global currency.

The investment reflects "importance of China as one of the euro area's largest trading partners," the bank said in a statement on Tuesday.

Renminbi has become part of the ECB's foreign reserves, alongside US dollar, Japanese yen, gold and Special Drawing Right (SDRs).

The investment was made by selling a small portion of the bank's US dollar holdings, which remain the largest portfolio, it noted.

The use of renminbi as a global international currency has increased in recent years, the ECB said.

Last October, the International Monetary Fund included renminbi in the SDR basket as the fifth currency after the dollar, euro, yen and the British pound.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 21 2018 01:18:45

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 21 2018 01:18:45

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 21 2018 01:18:45

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords