IMF data shows limited adoption of renminbi as global reserve
Latest Cofer findings reveal renminbi holdings accounted for 1.07% of global FX reserves at end-2016
The Chinese renminbi has seen a lacklustre debut on the global stage, accounting for just over 1% of global foreign exchange reserves in the fourth quarter of 2016, according to the International Monetary Fund.
The IMF’s currency composition of official foreign exchange reserves (Cofer), which identified holdings in the Chinese currency for the first time, shows $84.51 billion worth of renminbi was reported to be held globally, representing 1.07% of total allocated reserves. In comparison, the
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