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Belarus Picks Out China’s Yuan as Reserve Currency
Real estate news By Kommersant
Oct. 01, 2007
The National Bank of Belarus has made China’s yuan one of reserve currencies, the bank announced officially. The previous reports were that Belarus may add China’s yuan and Japan’s yen to the reserve list.
So far, the reserves of Belarus have been kept in three currencies – the U.S. dollars, euros and Russia’s rubles. Adding China’s yuan to the reserve list could be attributed to higher weight of China’s economy in global GDP and to development of trading relations between China and Belarus, said the official statement of the National Bank of Belarus.
For comparison, Russia keeps its gold/foreign exchange reserves in five currencies – the U.S. dollars, euro, yen, Britain’s pounds and Swiss francs.
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