China's Zhou says some countries already use yuan in reserves

Section:

By Belinda Cao
Bloomberg News
Saturday, October 11, 2014

WASHINGTON -- Some countries are already using the Chinese yuan in their foreign-currency reserves without announcing it, China central bank governor Zhou Xiaochuan said.

While China's yuan has begun to be used as a reserve currency for several years, some countries "may not be willing to say so," Zhou told Bloomberg on the sidelines of the International Monetary Fund meetings in Washington.

China has stepped up efforts to promote the yuan's use overseas since the global financial crisis, as expansion in the world's second-largest economy provides more clout while Europe has yet to fully recover. The European Central Bank will discuss next week whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves, Bloomberg reported yesterday.

"It's good that more countries are willing to adopt the renminbi as a reserve currency as our economy grows and our financial reforms continue," said Zhou, responding to ECB's consideration of adding yuan to its reserves. Renminbi is the official name of the yuan. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-11/china-s-zhou-says-some-countrie...



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