![](https://i.imgur.com/CLvY2jA.png")
02-04-2022, 06:14 PM
Published: Apr 01, 2022 03:38 PM Updated: Apr 01, 2022 03:31 PM
The proportion of claims in Chinese yuan climbed to a new high in total foreign exchange reserves in the last quarter of 2021, latest IMF data showed.
Experts have attributed the change to China's rising economic position and unswerving push for the yuan's internationalization.
They also predicted that the growth of yuan's scale or proportion in the world's foreign currency reserves will speed up this year, as the sanctions between Russia and the West, as well as the ensuing financial chaos, will gradually expose the dangers of sticking to the US dollar or the euro as reserve currencies.
Claims in yuan amounted to US$336.1 billion in the fourth quarter of 2021, accounting for 2.79 percent of the total allocated foreign exchange reserves in the fourth quarter last year, according to Currency Composition of Official Foreign Exchange Reserves (COFER) data released by the IMF on Thursday.
The proportion has risen slightly from 2.66 percent in the third quarter of last year, also the highest level since the third quarter of 2016 as shown by the IMF data.
By the end of 2021, the yuan was fifth in the COFER after the US dollar, the euro, the Japanese yen and the pound sterling.
More than half, 58.8 percent, of all central bank currency reserves are still held in US dollars, IMF data showed. However, the US dollar's appeal is gradually declining. In 2007, about 70 percent of all central bank reserves were in US dollars, but the number had dropped to 59.2 percent by the third quarter of last year.
Rest of the report at: https://www.globaltimes.cn/page/202204/1257392.shtml
The proportion of claims in Chinese yuan climbed to a new high in total foreign exchange reserves in the last quarter of 2021, latest IMF data showed.
Experts have attributed the change to China's rising economic position and unswerving push for the yuan's internationalization.
They also predicted that the growth of yuan's scale or proportion in the world's foreign currency reserves will speed up this year, as the sanctions between Russia and the West, as well as the ensuing financial chaos, will gradually expose the dangers of sticking to the US dollar or the euro as reserve currencies.
Claims in yuan amounted to US$336.1 billion in the fourth quarter of 2021, accounting for 2.79 percent of the total allocated foreign exchange reserves in the fourth quarter last year, according to Currency Composition of Official Foreign Exchange Reserves (COFER) data released by the IMF on Thursday.
The proportion has risen slightly from 2.66 percent in the third quarter of last year, also the highest level since the third quarter of 2016 as shown by the IMF data.
By the end of 2021, the yuan was fifth in the COFER after the US dollar, the euro, the Japanese yen and the pound sterling.
More than half, 58.8 percent, of all central bank currency reserves are still held in US dollars, IMF data showed. However, the US dollar's appeal is gradually declining. In 2007, about 70 percent of all central bank reserves were in US dollars, but the number had dropped to 59.2 percent by the third quarter of last year.
Rest of the report at: https://www.globaltimes.cn/page/202204/1257392.shtml
![[+]](https://sgtalk.net/images/bootbb/collapse_collapsed.png)
