Long term central bank outlook on increasing certain reserve currencies 2023
FX reserve managers around the world expect to shift their holdings towards the Chinese yuan in the long term, as of 2023. Nearly 40 percent of central banks surveyed in 2023 planned to increase their currency reserves with renminbi. The source adds this was especially true for regions that relied on China's economy, such as Asia-Pacific and Sub-Saharan Africa. Asset diversification was another reason for central banks to invest more in the currency.