Sanusi reveals ‘strategic’ decision to hold renminbi reserves

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The governor of the Central Bank of Nigeria, Lamido Sanusi, on Tuesday explained the “strategic” decision by the institution to convert up to 10% of its foreign currency reserves into renminbi.

Speaking on the sidelines of the Islamic Financial Intelligence Summit 2011 in Kuala Lumpur, Sanusi said the decision “recognises the fact that China has become a major trading partner to Nigeria". There were further reasons, he added: "It also responds to internal policy measures in China itself that allo

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