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Central banks will accelerate rise of China's yuan - OMFIF report

Reuters2021-07-21

LONDON, July 21 (Reuters) - The Chinese yuan is on course to become a much more influential part of the global financial system with almost a third of central banks planning to add the currency to their reserve assets, a closely-followed survey showed on Wednesday.

The Global Public Investor survey published annually by the London-based OMFIF think tank, showed 30% of central banks plan to increase yuan holdings over the next 12-24 months, compared to just 10% last year.

Other eye-catching findings from the report showed 75% of central banks now think monetary policy is having excessive influence on financial markets, although only 42% think these policies needs to be actively reconsidered.

In stark contrast to the yuan, 20% of central banks plan to reduce their holdings of the U.S. dollar over the next 12-24 months, 18% plan to reduce their euro holdings and 14% want to cut their holdings of euro zone sovereign debt.

Only 59% of central banks would be willing to use more than 30% of their reserves in the event of a serious currency shock, while 45% of pension funds now invest in gold, which was well up from 30% in last year's survey.

It also showed that central banks, sovereign wealth funds and public pension funds now control a record total of $42.7 trillion worth of assets. Central bank reserves alone were up $1.3 trillion to $15.3 trillion as of the end of 2020.

(Reporting by Marc Jones; Editing by Tom Arnold and Edmund Blair)

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Comment55

  • NgKenny
    ·2021-07-22
    Good 
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  • Huimin11
    ·2021-07-21
    ?
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  • Lucky03
    ·2021-07-21
    This will escalate the economic race to be the next super power ! Like please
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  • TeddyBeh
    ·2021-07-21
    Good. Pls assist to like. Ty
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  • SebZz
    ·2021-07-21
    Ha
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  • hellotomato
    ·2021-07-21
    Like and comment 
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  • MengYang
    ·2021-07-21
    Fantastic
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  • keyingteo
    ·2021-07-21
    ??
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  • TheHaq
    ·2021-07-21
    Printer keeps on printing 
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  • RoarLionRoar
    ·2021-07-21
    Relative to USD, a stark contrast 
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  • 宝宝果果
    ·2021-07-21
    Like me pls 
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  • Ahleepapa
    ·2021-07-21
    LONG YUAN
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  • Deathminos
    ·2021-07-21
    Like and comment
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  • justinC
    ·2021-07-21
    Heye
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    • justinC
      sjsnbd
      2021-07-21
      Reply
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  • Derlin
    ·2021-07-21
    Like my comment ty
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  • Chintzl
    ·2021-07-21
    Like and comment
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  • Tmkgi
    ·2021-07-21
    Nice, BABA TO THE MOON
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    • Gracejul
      GrEat! PlS like n comMents
      2021-07-21
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  • Kingoftrade
    ·2021-07-21
    ?
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  • ykhoo
    ·2021-07-21
    Daily
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  • Zonnie
    ·2021-07-21
    Nice
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    • jessicacaca
      Cool
      2021-07-21
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    • OSJ
      Really nice
      2021-07-21
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    • ykhoo
      daily
      2021-07-21
      Reply
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