New data indicates that the Chinese renminbi’s share of the official foreign reserves held by central banks around the world has risen to an unprecedented high.
Data released by the International Monetary Fund (IMF) on 29 March indicates that as of the fourth quarter of 2018 renminbi assets saw their share of the official foreign reserves of central banks rise to 1.89%, for their highest level since reporting on renminbi reserve assets commenced in October 2016.
IMF data indicates that renminbi-denominated foreign reserves totalled approximately USD$202.79 billion for the final quarter of last year, while their 1.89% share of official reserves is ahead of the Australian dollar (1.62%) and the Canadian dollar (1.84%).
Data from the IMF further indicates that global official foreign reserve assets stood at approximately $10.73 trillion as of Q4 2018.
The share of US dollar assets fell for the third consecutive quarter to 61.69%, while Euro-denominated assets saw their share rise to 20.69%, for their highest level since the fourth quarter of 2014.
The IMF’s figures are based upon the official foreign reserve data submitted to it by 149 countries and regions, covering eight currencies including the US dollar, the Euro, the British pound, the Japanese yen, the Swiss franc, the Australian dollar, the Canadian dollar and the renminbi.