ECB buys €500 million worth of renminbi for forex reserves

The European Central Bank, Frankfurt
Annabel Jeffery

The European Central Bank (ECB) bought €500 million ($563.8 million) worth of renminbi in the first half of this year as part of its foreign exchange (forex) reserves, it announced on June 13. On the same day, the National Bank of Belgium (NBB), one of the eurozone’s national central banks, said that it had also bought Chinese currency, along with South Korean won.

The ECB’s governing council decided to take out a holding in renminbi at its meeting on January 20 this year, it said.

The ECB has

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