The Chinese yuan is ever-closer to being considered a world reserve currency as at least 40 nations' central banks have bought the currency and a slew of other financial institutions are driving toward acquisitions, according to The South China Morning Post.
Thus far 23 central banks have stated they have purchased the monetary unit colloquially known as the "redback," according to Standard Chartered. At least 12 central banks also have bought the Asian nation's currency but they as of yet have not gone public with information about those purchases.
"The [yuan's] convertibility may be already there for central banks in a way that has got them comfortable to start investing in the currency," global head of central banks and sovereign wealth funds Jukka Pihlman with Standard Chartered in Singapore told the South China Morning Post on Monday.
Beijing has increasingly driven toward the purchase of the yuan in recent years and the publication noted that one factor that has helped the yuan's status advance is reverence that China demonstrates for central bankers and their staff members.
But concerns are still spreading about the Asian nation's economic slowdown, The Financial Times reports.
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