Zambia mulls holding Chinese yuan in reserves

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Zambia - China Flag
Zambia - China Flag

Zambia’s central bank said on Thursday that it was considering holding the Chinese currency renminbi, or the yuan, as one of the currencies in reserves.

Bank of Zambia Governor Denny Kalyalya said the central bank was currently considering holding the reserves in other currencies such as the renminbi apart from the U.S. dollar which was the major currency in which the reserves are held.

He told reporters during a press briefing that the central bank was currently considering gold as well as renminbi for the Chinese obligations.

“Predominantly, many of our obligations are in dollars but we do have some of the reserves in euros, pound sterling. So gold is another one and we are also considering the renminbi holding,” he said.

He added that holding of reserves was dictated by obligations as the central bank wanted to be in a position to meet the obligations as they fall due.

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