Central bank reserves held in renminbi have increased significantly in recent years, particularly since the inclusion of the currency in the International Monetary Fund’s Special Drawing Rights (SDR) basket in 2016.
Figure 1a shows the number of official institutions holding renminbi in their foreign exchange (forex) reserves – a number that has nearly doubled in the last three years (from 37 to 68), with some of the major advanced economy central banks, including the European Central Bank,
