Philippines central bank adopts renminbi as reserve asset

Central bank joins cohort of countries adopting the Chinese currency as a standalone asset

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Redback rising: Governor Tetangco said the monetary board had approved the inclusion of the Chinese currency

The Central Bank of the Philippines has added the renminbi to its international reserve portfolio. Governor Amando Tetangco said the monetary board had approved the inclusion of the Chinese currency to ensure it is "available" to the banking system "when needed".

In making the decision, the central bank said it "took into consideration" the decision by the International Monetary Fund to include the renminbi in its special drawing rights (SDR) basket. It noted China's "rising economic and

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