The European Central Bank has started to hold foreign exchange reserves in renminbi in what amounts to a seal of approval for Beijing’s ambitions to internationalise its currency.
The ECB invested €500m of its reserves in renminbi-denominated assets during the first half of this year, reflecting China’s importance as one of Europe’s largest trading partners, the bank said on Tuesday.
While the €500m amount is just a sliver of the ECB’s €68bn forex reserves, the purchase of renminbi assets reflects the growing acceptance in Europe of China’s status as a global economic superpower — along with a desire to build closer ties with one of the world’s largest economies.
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