Israel Adds The Yuan For First Time Ever ~ Yuan on The Rise ~ US Dollar in Trouble
Israel's central bank will add Chinese yuan while slashing its dollar and euro holdings in a move to diversify its reserve allocations and lengthen its investment horizon, @ticles/2022-04-20/israel-adds-yuan-to-206-billion-reserves-in-philosophy-change reported.
"We need to look at the need to earn a return on the reserves that will cover the costs of the liability," Deputy Governor of the Bank of Israel, Andrew Abir, said in an interview.
In addition to the yuan, the bank will also add the Canadian and Australian dollars, signaling a shift in the bank's "whole investment guidelines and philosophy," Abir said. Previously, the bank only held US dollars, euros, and the British pound.
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https://www.investopedia.com/articles/forex-currencies/092316/how-us-dol9lar-became-worlds-reserve-currency.asp